The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005

Closed schemes

9.—(1) Section 153 of the Act (closed schemes) applies as if—

(a) in subsection (3), for the words “in respect of the scheme” there were substituted the words “in respect of the unsecured part”; and

(b) in subsection (7), in the definition of “full buy-out quotation”—

(i) for the words “a scheme” there were substituted the words “an unsecured part”; and

(ii) for the words “member of the scheme” there were substituted the words “member of the unsecured part”.

(2) Section 156 of the Act (valuation of closed schemes) applies as if—

(a) in subsection (1), for the words “actuarial valuations of the scheme” there were substituted the words “actuarial valuations of the unsecured part”;

(b) in subsection (5), for the words “actuarial valuation of the scheme” there were substituted the words “actuarial valuation of the unsecured part”; and

(c) in subsection (6)—

(i) for the definition of “actuarial valuation” there were substituted the following definition—

““actuarial valuation” means a written valuation of—

(a)

the assets of the unsecured part,

(b)

the full liabilities, and

(c)

the protected liabilities in relation to the unsecured part,

prepared and signed by the actuary;.”.

(ii) for the definition of “full scheme liabilities” there were substituted the following definition—

““full liabilities” means—

(a)

the liabilities under the scheme rules to or in respect of members of the unsecured part,

(b)

other liabilities of the unsecured part, and

(c)

the estimated cost of winding up the unsecured part;”.