4(1)The Board may refuse or withhold approval under paragraph 3 above in the case of an eligible scheme of a prescribed description if or so long as they are not satisfied that prescribed requirements will be fulfilled with respect to—
(a)the value of any prescribed benefits which may be provided for or in respect of an individual member of a prescribed description, and
(b)the value of the assets held for the purpose of providing benefits for or in respect of that member,
if approval under paragraph 3 above is granted.
(2)Regulations may make provision for or in connection with cases where the value mentioned in paragraph (b) of sub-paragraph (1) above exceeds, or exceeds by more than a prescribed percentage, the value mentioned in paragraph (a) of that sub-paragraph.
(3)The provision that may be made by virtue of sub-paragraph (2) above includes provision for or in connection with eliminating or reducing any such excess within a prescribed period by one or more prescribed methods.
(4)Regulations may make provision for the purposes of this paragraph for or in connection with—
(a)the valuation of benefits; or
(b)the valuation of assets.
(5)The provision that may be made by virtue of sub-paragraph (4)(a) or (b) above includes provision with respect to, or in connection with,—
(a)the person by whom any such valuation is to be made;
(b)the method or principles of valuation to be used;
(c)certification of any such valuations and of any prescribed matters relating to or connected with them;
(d)any facts, matters or assumptions by reference to which any such valuation is to be made;
(e)any tables to be used for the purpose of making any such valuation;
(f)the basis on which any such tables are to be prepared;
(g)the manner in which any such tables are to be applied.
(6)The methods or principles of valuation and the tables that may be prescribed by virtue of sub-paragraph (5) above include methods or principles or, as the case may be, tables published by the Government Actuary for any purposes of the personal pension provisions of this Act.