The Pension Protection Fund (Valuation) Regulations 2005
| Jurisdiction | UK Non-devolved |
| Citation | SI 2005/672 |
(1) These Regulations may be cited as the Pension Protection Fund (Valuation) Regulations 2005 and shall come into force on 6th April 2005.(2) In these Regulations—within 15 months of the relevant time of that valuation; orby no later than 31st March 2008,in the case of an eligible scheme which becomes a registrable scheme on or after 6th April 2007, within 15 months of the effective date of the first actuarial valuation obtained by them under section 224 of the Act (actuarial valuations and reports) .(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(4) The relevant time of any subsequent section 179 valuation must not exceed a period of three years beginning immediately after the relevant time of the previous valuation provided to the Board or the Regulator on the Board's behalf.(5) Any subsequent section 179 valuation shall be provided to the Board or the Regulator on the Board's behalf within F2115 months of the relevant time of that valuation.(1) This regulation applies where the Board is making a section 143 determination in respect of an eligible scheme.by using the information contained in the most recent section 179 valuation or an appropriate alternative actuarial valuation;by updating that information in accordance with the statement issued by the Board under section 143(5C) of the Act; andin accordance with regulations 3(a) and (c) , 4, 6(1) (a) and (2) , and 7(1) to (4) (c) .(3) In this regulation—in the case of a section 143 any amounts treated as a debt due to the trustees or managers under section 75 of the Pensions Act 1995 (deficiencies in the assets) ; any amounts treated as debt under section 228(3) of the Act (failure to make payments) ; any resources invested (or treated as invested) in contravention of section 40 of the Pensions Act 1995 (restriction on employer-related investments) ; and any amounts treated as a debt due to the trustees or managers which are unlikely to be recouped without disproportionate cost or unlikely to be recovered within a reasonable time. the trustees or managers have taken all reasonable steps to obtain information concerning that contract of insurance (whether by searching the records of the scheme or otherwise) ; and the information that they provide concerning that contract of insurance is insufficient, in the opinion of the appropriate person, to conduct a valuation. Subject to regulation 7(3) and (4) , the prescribed requirement for any amount due under a contribution notice, financial support direction or restoration order to be regarded as an asset of the scheme is that the notice, direction or order was issued by the Regulator prior to the date that Subject to regulations 3 and 7, in determining the value of the assets of a scheme for the purposes of obtaining a section 143 valuation or a section 179 valuation, the appropriate person shall adopt the value given of the assets of the scheme stated in the relevant accounts
(1) Subject to regulation 7, in the case of protected liabilities for a section 143 for a section 179 valuation, the estimated cost of securing scheme benefits in accordance with any guidance issued by the Board in accordance with section 179(4) of the Act, for the member by means of an annuity purchased at the (2) Where regulation 3(c) applies, the amount representing the value of a protected liability in respect of the benefits secured by a pre-6th April 1997 contract of insurance shall be excluded from the valuation of the eligible scheme’s protected liabilities.
- “an appropriate alternative actuarial valuation” means a written valuation of the scheme’s assets and liabilities prepared and signed by the actuary; and
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“the actuary” means–
- (a) the actuary appointed under section 47(1) (b) of the Pensions Act 1995 (professional advisers) in relation to the scheme, or
- (b) a person who is a Fellow of the Institute and Faculty of Actuaries.
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