The Financial Assistance Scheme Regulations 2005

[F1 Binding valuation U.K.

26.— (1) A valuation obtained under regulation 22 is not binding until—

(a) it is approved under regulation 25;

(b) the period within which an application for a review of the approval of the valuation may be made under regulation 5 of the Financial Assistance Scheme (Internal Review) Regulations 2005 (time for making an application for a review of a reviewable determination) has expired; and

(c) where an application referred to in sub-paragraph (b) is made—

(i) the internal review;

(ii) any appeal to the Ombudsman in respect of the approval; and

(iii) any appeal against any determinations or directions given or made by the Ombudsman in respect of such an appeal,

has been finally disposed of.

(2) Where a valuation becomes binding under this regulation the scheme manager must as soon as reasonably practicable give a notice to that effect together with a copy of the binding valuation to—

(a) the trustees or managers of the qualifying pension scheme; and

(b) the Regulator.

(3) The notice given by the scheme manager under paragraph (2) shall contain—

(a) a statement that it is a notice under regulation 26 of the Financial Assistance Scheme Regulations 2005;

(b) the date on which the notice is given;

(c) the name, address and pension scheme registration number of the qualifying pension scheme in respect of which the notice is given;

(d) a statement that the valuation under Part 7 has become binding;

(e) the date on which the notice was given;

(f) the name of the employer in relation to the qualifying pension scheme in respect of which the notice is given; and

(g) whether the notice given by the scheme manager contains any restricted information and, if so, the nature of the restriction.]

Textual Amendments

F1 Pts. 7, 8, 9 inserted (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 14, Sch. 1