5.—(1) Subject to paragraph 6, in the case of protected liabilities the amount of a protected liability shall be the estimated cost of securing scheme benefits calculated in accordance with Schedule 6 to the Order (pension compensation provisions) to the member by means of an annuity purchased at the market rate at the effective date.N.I.
(2) Where paragraph 2(b) applies, the amount representing the value of a protected liability in respect of the benefits secured by a pre-6th April 1997 contract of insurance shall be excluded from the valuation of the scheme’s protected liabilities.
Commencement Information
I1Sch. Pt. 1 para. 5 in operation at 6.4.2007, see reg. 1(1)