[F1Valuation of assetsU.K.
23.—(1) This regulation is subject to regulation 24.
(2) Subject to paragraphs (3) to (10), for the purposes of the valuation of the assets of a qualifying pension scheme the valuation actuary shall adopt the given value of the assets of the scheme stated in the relevant accounts as the value of those assets as at the calculation date.
(3) The value of a contract of insurance shall be—
(a)where the contract of insurance is a relevant contract of insurance within the meaning given by section 161(8) or Article 145(8), the value of the liability secured; or
(b)subject to paragraph (4), where the contract of insurance is not a relevant contract of insurance within that meaning, the surrender value of the contract of insurance.
(4) Where a contract of insurance is not a relevant contract of insurance within the meaning given by section 161(8) or Article 145(8) and it appears to the valuation actuary that the surrender value of the contract of insurance does not accurately reflect the actual value at the calculation date, the valuation actuary shall adopt such a value as appears to that actuary to be appropriate.
(5) Subject to paragraph (6), where—
(a)a contribution notice has been issued under section 38 or 47 or Article 34 or 43;
(b)a financial support direction has been issued under section 43 or Article 39; or
(c)a restoration order has been made under section 52 or Article 48,
in relation to the qualifying pension scheme, the valuation actuary shall adopt the amount due to the scheme given in the notice, direction or order as the value of the asset.
(6) Where—
(a)an amount is due under a notice, direction or order referred to in paragraph (5); and
(b)the valuation actuary is of the opinion that the amount due in relation to the notice, direction or order will not be recouped in full by the scheme,
the valuation actuary shall adjust the value of the asset referred to in paragraph (5) to the value which, in the opinion of the valuation actuary is likely to be recouped by the trustees or managers of the qualifying pension scheme.
(7) Where the valuation actuary is of the opinion that any debt due, or treated as due, will be recouped in the future, the proportion of the debt that the valuation actuary expects to be recouped shall be treated as an asset of the scheme.
(8) Where—
(a)the valuation actuary has been given notice; or
(b)(i)the valuation actuary is of the opinion; and
(ii)the scheme manager agrees with the valuation actuary’s opinion,
that the value of any asset set out in the relevant accounts, that is not excluded from the valuation, is substantially different at the calculation date from that set out in the relevant accounts, the valuation actuary shall adjust the value of the asset to the market value of the asset at the calculation date.
(9) Where the valuation actuary has been given notice, or is of the opinion, that there exists an asset of the scheme which is not listed in the relevant accounts and which is not excluded from the valuation, the valuation actuary shall adopt such a value for the asset as appears to that actuary to be appropriate.
(10) Where the relevant accounts are not readily available and the scheme manager is of the opinion that it is not necessary for the purposes of this Part to require their preparation, the valuation actuary shall determine the value of the assets as at the calculation date on the basis of such information as the scheme manager considers appropriate.
(11) When acting under this regulation, the valuation actuary shall act in accordance with guidance issued by the Secretary of State.]