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The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014

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This is the original version (as it was originally made).

Schemes which become eligible schemes: provision of valuations to determine scheme underfunding

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45.—(1) Where the conditions specified in regulation 43(2) (eligibility: schemes treated as money purchase schemes) are met in relation to an occupational pension scheme, the trustees or managers of the scheme must obtain and provide an actuarial valuation of the scheme (“the first valuation”) for the purposes of section 179 of the 2004 Act (valuations to determine scheme underfunding) to the Board, or to the Regulator on the Board’s behalf, on or before 31st March 2015.

(2) The relevant time of the first valuation must be within the period beginning with the appointed day and ending with 31st March 2015.

(3) For the purposes of that valuation, the assets and the protected liabilities of the scheme must be calculated as if the scheme were an eligible scheme, in accordance with regulations 5 (valuation of assets)(1), 6 (valuation of protected liabilities)(2) and 7 (alternative valuation of assets and protected liabilities in specific cases)(3) of the Pension Protection Fund (Valuation) Regulations 2005(4).

(4) The relevant time of any subsequent actuarial valuation for the purposes of section 179 of the 2004 Act must be no more than 3 years after the relevant time of the first valuation provided to the Board or to the Regulator on the Board’s behalf.

(5) The trustees or managers of the scheme must provide any subsequent valuation for the purposes of section 179 of that Act to the Board, or to the Regulator on the Board’s behalf, within a period of 15 months beginning immediately after the relevant time of the valuation.

(6) In this regulation “protected liabilities” means the cost of securing benefits for and in respect of members of the scheme which correspond to the compensation which would be payable, in relation to the scheme, in accordance with the pension compensation provisions (see section 162 of the 2004 Act (the pension compensation provisions)) if the scheme were an eligible scheme for which the Board were to assume responsibility.

(1)

Regulation 5 was amended by S.I. 2006/580.

(2)

Regulation 6 was amended by S.I.s 2005/993, 2007/782, 2012/3083 and 2013/627.

(3)

Regulation 7 was amended by S.I.s 2012/3083 and 2013/627.

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