128.—(1) Where, having taken into account the un-audited information, and any other relevant information available, it appears to the Secretary of State that the total amount likely to be payable out of the FPF in the relevant financial year exceeds the total amount likely to be paid or payable to the FPF in that year—
(a)where the likely deficit (“the un-audited deficit”) exceeds the total of any amount paid or payable to the scheme manager in relation to that year under regulation 126(1) or (2) (estimated deficits) (“the regulation 126 total”), the Secretary of State must pay to the scheme manager the amount of the un-audited deficit less the regulation 126 total;
(b)where the un-audited deficit is less than the regulation 126 total, the amount of the regulation 126 total less the un-audited deficit is not payable under regulation 126(1) or (2) and, if already paid, the scheme manager must repay that amount to the Secretary of State;
(c)where no amount was paid or payable by the Secretary of State to the scheme manager in relation to the relevant financial year under regulation 126(1) or (2), the Secretary of State must pay to the scheme manager the amount of the un-audited deficit; and
(d)any amount paid or payable to the Secretary of State in relation to that year under regulation 127(1) or (2), is not payable and, if already paid, the Secretary of State must repay it to the scheme manager.
(2) Where, having taken into account the audited information and any other relevant information available, it appears to the Secretary of State that the total amount paid or payable out of the FPF in the relevant year exceeds the total amount paid or payable into the FPF in that year—
(a)where the difference between those total amounts (“the audited deficit”) exceeds the total of any amounts paid (but not repaid or repayable) or payable to the scheme manager in relation to that year under paragraph (1)(a) or (c) or regulation 126(1) or (2) (“the un-audited total”), the Secretary of State must pay to the scheme manager the amount of the audited deficit less the un-audited total;
(b)where the audited deficit is less than the un-audited total, the amount of the un-audited total less the audited deficit is not payable under paragraphs (1)(a) or (c) or regulation 126(1) or (2) (estimated deficits) and, if already paid, the scheme manager must repay it the Secretary of State;
(c)where no amount was paid or payable by the Secretary of State to the scheme manager in relation to the relevant financial year under paragraphs (1)(a) or (c) or regulation 126(1) or (2), the Secretary of State must pay to the scheme manager the amount of the audited deficit; and
(d)any amount paid or payable to the Secretary of State in relation to the relevant financial year under regulation 127(1) or (2) or regulation 129(1)(a) or (c), is not payable and, if already paid, the Secretary of State must repay it to the scheme manager.
(3) Where the Secretary of State, or the scheme manager, as the case maybe, is required to make a payment or repayment under paragraph (1), it must be made before the end of July in the financial year following the relevant financial year (“the second year”) or as soon as reasonably practicable thereafter.
(4) Where the Secretary of State or the scheme manager, as the case maybe, is required to make a payment or repayment under paragraph (2), it must be made before the end of July in the financial year following the second year or as soon as reasonably practicable thereafter.