The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

Valuation of assets

23.—(1) Section 143 of the Act (Board’s obligation to obtain valuation of assets and protected liabilities) shall be modified in its application to a multi-employer section of a segregated scheme to which paragraph (1) or (2) of regulation 14 applies so that it shall be read as if, for the words “the scheme” in subsection (2), there were substituted the words “the relevant section of the scheme”.

(2) Section 144 of the Act (approval of valuation) shall be modified in its application to a multi-employer section of a segregated scheme to which paragraph (1) or (2) of regulation 14 applies so that it shall be read as if—

(a) for the words “obtains a valuation in respect of a scheme” in subsection (1), there were substituted the words “obtains a valuation in respect of the relevant section of the scheme”;

(b) for the words “in relation to the employer or, if there is no such insolvency practitioner, the employer” in paragraph (b)(iii) of subsection (2), there were substituted the words “in relation to an employer or, if there is no such insolvency practitioner, that employer”; and

(c) after subsection (2), there were inserted the following subsection—

“(2A) Where the trustees or managers of a multi-employer section of a segregated scheme receive a copy of a valuation from the Board under subsection (2), they must send a copy of that valuation as soon as practicable to the trustees or managers of each section of the scheme (if different) and to all the employers in relation to the scheme.”.

(3) Section 145 of the Act (binding valuations) shall be modified in its application to a multi-employer section of a segregated scheme to which paragraph (1) or (2) of regulation 14 applies so that it shall be read as if—

(a) for the words “in relation to a scheme” in subsection (2), there were substituted the words “in relation to the relevant section of the scheme”; and

(b) for the words “in relation to the employer or, if there is no such insolvency practitioner, the employer” in paragraph (c) of subsection (3), there were substituted the words “in relation to an employer or, if there is no such insolvency practitioner, that employer”; and

(c) after subsection (3), there were inserted the following subsection—

“(3A) Where the trustees or managers of a multi-employer section of a segregated scheme receive a notice from the Board under subsection (3) together with a copy of a binding valuation, they must send a copy of the notice and the binding valuation as soon as practicable to the trustees or managers of each section of the scheme (if different) and to all the employers in relation to the scheme.”.