Section 143 Board’s obligation to obtain valuation of assets and protected liabilitiesC1C2

determine whether the condition in subsection (2)(a) of the section in question is satisfied, or

for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.

the trustees or managers of the scheme, and

any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.

a debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55 during the pre-approval period;

an obligation arising under financial support for the scheme (within the meaning of section 45) put in place during the pre-approval period in accordance with a financial support direction issued under section 43;

an obligation imposed by a restoration order made under section 52 during the pre-approval period in respect of a transaction involving assets of the scheme.

the assets and the protected liabilities of eligible schemes, and

their amount or value,

a debt (including any contingent debt) due to the trustees or managers of the scheme from the employer under section 75 of the Pensions Act 1995 (c. 26) (deficiencies in the scheme assets),

a debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55,

an obligation arising under financial support for the scheme (within the meaning of section 45) put in place in accordance with a financial support direction issued under section 43, or

an obligation imposed by a restoration order made under section 52 in respect of a transaction involving assets of the scheme,

during the pre-approval period any liability to provide pensions or other benefits to or in respect of any member or members under the scheme is discharged by virtue of regulations under section 135(4) or the Board validating any action mentioned in section 135(9), and

at the relevant time the protected liabilities of the scheme include any cost within section 131(1)(a) relating to compensation in respect of those pensions or other benefits.

in determining that cost the effect of the discharge on the compensation payable in respect of those pensions or other benefits under paragraph 23A of Schedule 7 must be taken into account,

in a case where assets of the scheme at the relevant time were transferred from the scheme during the pre-approval period in consideration for the discharge, those assets are not to be regarded as assets of the scheme at the relevant time, and

in a case where assets that were not assets of the scheme at that time (“later-acquired assets”) were so transferred, the value of the assets of the scheme at that time is to be reduced by the value of the later-acquired assets at the time of the discharge.

“actuarial valuation”, in relation to the scheme, means a written valuation of the assets and protected liabilities of the scheme which—

“the pre-approval period”, in relation to the scheme, means the period which—

“the relevant time”—

references to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.