The Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005

Excluded assets

3.  There shall be excluded from the value of the eligible scheme’s assets –

(a) in the case of an Article 127 valuation, any amounts treated as a debt due to the trustees or managers which are unlikely to be recouped without disproportionate cost or unlikely to be recovered within a reasonable time; and

(b) in the case of an Article 162 valuation –

(i) any amounts treated as a debt due to the trustees or managers under Article 75 of the 1995 Order (deficiencies in the assets);

(ii) any amounts treated as debt under Article 207(3) of the Order (failure to make payments);

(iii) any resources invested (or treated as invested) in contravention of Article 40 of the 1995 Order (restriction on employer-related investments); and

(iv) any amounts treated as a debt due to the trustees or managers which are unlikely to be recouped without disproportionate cost or unlikely to be recovered within a reasonable time.