SCHEDULES
SCHEDULE 4Pension Protection Fund
Requirements to obtain actuarial valuations
I15
1
Section 143 (Board's obligation to obtain valuation of assets and protected liabilities) is amended as follows.
2
For subsection (2) substitute—
2
The Board must, as soon as reasonably practicable—
a
determine whether the condition in subsection (2)(a) of the section in question is satisfied, or
b
for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.
2A
Before doing so, it must give a notice stating whether it will make a determination under subsection (2)(a) or obtain an actuarial valuation under subsection (2)(b) to—
a
the trustees or managers of the scheme, and
b
any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.
3
In subsection (3) for “those purposes” substitute “
the purposes of this section
”
.
4
In subsection (4) for “this section” substitute “
a determination made under subsection (2)(a) or an actuarial valuation obtained under subsection (2)(b)
”
.
5
In subsection (5B) for “mentioned in subsection (2)” substitute “
of this section
”
.
6
After subsection (5B) insert—
5C
The Board must issue a statement setting out how (subject to any provision made under subsection (4)) it will make determinations under subsection (2)(a).
7
In subsection (6)—
a
after “subsection (4),” insert “
for the purposes of an actuarial valuation obtained under subsection (2)(b)
”
, and
b
for “paragraphs (a) and (b) of that subsection” substitute “
subsection (4)(a) and (b)
”
.
8
In subsection (9)—
a
for “requires the” substitute “
requires a determination to be made, or an
”
, and
b
after “purposes of” insert “
the determination or
”
.
9
In subsection (10) for “requires the” substitute “
requires a determination to be made, or an
”
.
10
In subsection (11)(b)(ii) after “first” insert “
makes a determination under subsection (2)(a) or
”
.