SCHEDULES
SCHEDULE 23ZA Conversion of certain approved retirement benefits schemes
Excessive funding of certain individual members
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.