Paragraph 11
Where the circumstances specified in sub-paragraph (3) arise at a time when, in relation to any Table B amount, the duty to make payments has arisen under paragraph 2 or 3 (“the relevant Table B amount”), the Secretary of State may issue a notice to the persons administering the section and from the date of such a notice the duty to make payments under paragraph 2 or 3, as the case may be, in respect of that amount shall terminate, but no notice shall be issued which would result in the total of the relevant amounts exceeding A+B (as defined in sub-paragraph (3)).
From the date of a notice under sub-paragraph (1) the provisions of this Schedule shall apply as if such part of the Table B amount as remains unpaid had been added to the amount (“the later amount”) (if any) specified in Table B in relation to the year (“the later year”) 10 years later than the year of the notice of termination, and as if the total, or that amount, as the case may be (“the replacement amount”) had been inserted in column 2 of Table B in relation to the later year, and, unless the contrary intention appears, any reference in this Schedule (including this paragraph) (however expressed) to a Table B amount, or an amount specified in column 2 of Table B in relation to any particular year, shall be construed accordingly.
The circumstances referred to in sub-paragraph (1) are that the total of the relevant amounts does not exceed
where
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“A” means the amount determined by the actuaries in the relevant actuarial valuation as being the amount retained in the Special Reserve Fund as at the valuation date in relation to that valuation and, where in consequence of that valuation that amount retained in that Fund has been increased or reduced pursuant to Rule 13B or 14B within six months after the date of signature of that valuation, so increased or reduced as the case may be; and
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“B” means 3% of the amount determined by the actuaries in the relevant actuarial valuation as being the total of the value of all the liabilities of the section in respect of pension rights as at the valuation date in relation to that valuation, and, where any change in pension rights has been made pursuant to Rule 13B or 14B in consequence of that valuation, increased or reduced as the case may be by an amount determined by the actuaries, before the date six months after the date of signature of the relevant actuarial valuation, as the change in the value of the liabilities of the section taking account of such change in pension rights.
In this paragraph—
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“relevant actuarial valuation” means the latest actuarial valuation to have been signed, excluding any actuarial valuation signed less than three months before the Secretary of State issues a notice under sub-paragraph (1); and
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“relevant amount”, in relation to the relevant Table B amount, has the same meaning as in paragraph 2(3), and for the purposes of this paragraph any reference in that definition to “the specified amount” shall be taken to be a reference to the relevant Table B amount, where the relevant Table B amount is comprised in a composite amount as defined in paragraph 4, that composite amount.
From the date of a notice to terminate the duty to make payments in respect of any Table B amount, interest shall cease to accrue on the outstanding balance of that Table B amount under paragraph 8(1), the duty under paragraph 8 to make payments in respect of interest which has accrued on the outstanding balance of that Table B amount shall cease, and paragraphs 6 and 7 shall apply in respect of the outstanding balance of that Table B amount and shall apply in respect of any interest which has accrued under paragraph 8 and has not been paid on or before the date of the notice to terminate the duty.
Where the duty to make payments in respect of any Table B amount under paragraph 2 or 3 has previously arisen and has terminated, if—
on any relevant date (for the purposes of paragraph 2) the circumstances specified in paragraph 2(2) arise in relation to that amount; or
that amount is included in the amounts in respect of which the Secretary of State comes under a duty to make payments under paragraph 3,
then paragraph 2 or 3, as the case may be, shall apply in relation to that amount as if paragraph 2(1) or paragraph 3(5) or (6) as the case may be, required the Secretary of State to make payments amounting in aggregate to such part of the Table B amount as remains unpaid.