{
  "url": "https://openlegislation.uk/port-of-tilbury-transfer-scheme-1991-confirmation-order-1992/schedule-2/paragraph-7",
  "json_url": "https://openlegislation.uk/port-of-tilbury-transfer-scheme-1991-confirmation-order-1992/schedule-2/paragraph-7.json",
  "legislation": "uksi/1992/284",
  "legislation_title": "The Port of Tilbury Transfer Scheme 1991 Confirmation Order 1992",
  "legislation_url": "https://openlegislation.uk/port-of-tilbury-transfer-scheme-1991-confirmation-order-1992",
  "path": "schedule/2/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": "Protection of accrued pension rights",
  "text": "(1) Subject to sub-paragraphs (2) and (3) below, the employer of a protected person shall at all times ensure that the assets of any relevant pension scheme provided by the employer in respect of that person are such that, in the event of the winding up of that scheme, there would be available in respect of the accrued pension rights of that person a sum equal to or exceeding the liability of that scheme in respect of those rights.\n(2) Where the assets of the scheme do not at any time equal or exceed that liability, but–\n(a) a valuation of that scheme has been produced by a Fellow of the Institute of Actuaries or of the Faculty of Actuaries having its effective date no later than three years and six months after–\n(i) the effective date of the previous valuation of that scheme; or\n(ii) if the scheme has not been established for three years and six months, the date the scheme was established; and\n(b) the employer has taken and continues to take such steps as are reasonable in all the circumstances (having regard to good actuarial practice) to make good any deficiency in respect of the accrued pension rights of the protected person (calculated on the same basis as that applicable under sub-paragraph (1) above) stated, whether expressly or by implication, in that valuation;\nthe employer shall not be in breach of his duty under sub-paragraph (1) above.\n(3) (a) In the event of the winding up, in whole or in part, of a relevant pension scheme, each employer who will as a result cease to participate in that scheme shall cause a valuation to be made by a Fellow of the Institute of Actuaries or the Faculty of Actuaries of the assets and liabilities of that scheme in respect of the protected persons whose employer he is.\n(b) If the valuation required under paragraph (a) above indicates that the assets held in respect of the accrued pension rights are insufficient to meet the liabilities of the scheme in respect of those rights, then, subject to paragraph (c) below, the employer shall forthwith pay–\n(i) into the scheme; or\n(ii) to an insurance company (being an insurance company to which Part II of the Insurance Companies Act 1982 applies and which is authorised by or under section 3 or 4 of that Act to carry on ordinary long-term insurance business as defined in that Act) for the purchase of an annuity;\nan amount such as will secure that those liabilities are met.\n(c) The employer shall not be required to make under paragraph (b) above a payment in respect of the liabilities of the scheme for the accrued pension rights of a protected person if–\n(i) those accrued pension rights are transferred to another relevant pension scheme; and\n(ii) the rules of the relevant pension scheme to which the accrued pension rights are transferred require a valuation of its assets to be produced as at a date within three years and six months of the effective date of the last valuation of the relevant pension scheme from which those rights are transferred.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1982 c. 50."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/284/schedule/2/paragraph/7",
    "retrieved_at": "2026-10-29T14:29:24.045017+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}