11.—(1) For the purposes of section 75 of the 1995 Act as applied by regulation 10, this regulation applies instead of regulation 5F1....
(2) In the case of a scheme other than an ear-marked scheme—
(a)the value at any time of the unallocated assets of the scheme is to be taken to be the value of those assets as certified in a statement by the scheme's auditor; and
(b)the amount of the criminal reduction in the aggregate value of the allocated assets of the scheme at any time is to be calculated by subtracting the actual aggregate value of those assets at that time from the notional aggregate value of those assets.
(3) The notional aggregate value mentioned in paragraph (2)(b) is to be taken to be the sum of the values of the assets—
(a)as stated in the audited accounts which most immediately precede the relevant act or omission; or
(b)if there are none, as certified in a statement by the scheme's auditor,
adjusted appropriately to take account of any alteration in their values (other than any alteration attributable to that act or omission) between the date as at which those accounts are prepared or, as the case may be, as at which that statement is given and the time in question.
(4) The actual aggregate value mentioned in paragraph (2)(b) is to be calculated in the same manner as it was calculated for the purposes of the accounts mentioned in paragraph (3)(a) or, as the case may be, the statement mentioned in paragraph (3)(b).
(5) In the case of an ear-marked scheme—
(a)the value at any time of the unallocated assets of the scheme; and
(b)the amount of the criminal reduction in the aggregate value of the allocated assets of the scheme,
are the amounts certified in a statement by the relevant insurer.
(6) In this regulation—
“ear-marked scheme” means a scheme under which all the benefits are secured by one or more policies of insurance or annuity contracts, being policies or contracts specifically allocated to the provision of benefits for individual members or any other person who has a right to benefits under the scheme; and
“the relevant insurer”, in relation to such a scheme, is the insurer with whom the insurance contract or annuity contract is made.
Textual Amendments
F1Words in reg. 11(1) omitted (6.4.2008) by virtue of The Occupational Pension Schemes (Employer Debt and Miscellaneous Amendments) Regulations 2008 (S.I. 2008/731), regs. 2(1), 11(1) (with reg. 2(3)-(8))