Pensions Act 2004

Pensions Act 2004

2004 CHAPTER 35

Commentary on Sections

Part 2 – the Board of the Pension Protection Fund

Chapter 3 – Pension Protection

Valuation of assets and liabilities

Section 144: Approval of valuation

482. The purpose of this section is to require the Board to determine whether to approve a scheme valuation and where it approves a valuation, to provide a copy of it to specified persons.

483. Subsection (1) provides that this section applies where the Board obtains a valuation in respect of a scheme under section 143 (Board’s obligation to obtain valuation of assets and protected liabilities).

484. Subsection (2) states that if the Board is satisfied that the valuation has been prepared in accordance with section 143 it must approve the valuation, and give a copy of it to the Regulator, the scheme trustees or managers and the insolvency practitioner of the employer or the employer. Subsection (3) states that if the Board is not satisfied that the valuation is in accordance with section 143 then it must obtain a further valuation under that section.