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The Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013

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Amendment of the Pension Protection Fund (Valuation) Regulations 2005

This section has no associated Explanatory Memorandum

4.—(1) The Pension Protection Fund (Valuation) Regulations 2005(1) are amended as follows.

(2) In regulation 1(2) (interpretation)—

(a)after the definition of “section 152 determination”(2) insert—

“section 152(9) valuation” means a valuation obtained under section 152(9) of the Act;, and

(b)after the definition of “section 158 determination”(3) insert—

“section 158 valuation” means a valuation obtained under section 158(3)(b) of the Act;.

(3) In regulation 6(1)(a) and (b)(4) (valuation of protected liabilities), for “market rate” substitute “best value rate available in the market as estimated by the Board”.

(4) In regulation 7(4)(5) (alternative valuation of assets and protected liabilities in specific cases)—

(a)in sub-paragraph (c)(i), at the beginning insert “either none of the amount due or only”, and

(b)in sub-paragraph (c)(ii)—

(i)for “no further” substitute “some or all of the”, and

(ii)after “notice or direction will” insert “not”.

(5) In regulation 7A(6) (application of these regulations to applications for reconsideration and by closed schemes)—

(a)for paragraph (3) substitute—

(3) Regulations 3 to 7 apply in relation to a section 152(9) valuation, a section 152(10A) valuation, and a section 158 valuation as they apply in relation to a section 143 valuation., and

(b)in paragraph (4) for “to section 152(10A) valuations” substitute “to a section 152(9) valuation, section 152(10A) valuation or section 158 valuation”.

(2)

The definition of “section 152 determination” was inserted by S.I. 2012/3083.

(3)

The definition of “section 158 determination” was inserted by S.I. 2012/3083.

(4)

Regulation 6(1) was amended by S.I. 2005/993, S.I. 2007/782 and S.I. 2012/3083.

(5)

Regulation 7(4) was amended by S.I. 2012/3083.

(6)

Regulation 7A was inserted by S.I. 2012/3083.

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