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The Occupational Pension Schemes (Deficiency on Winding Up, etc.) Regulations (Northern Ireland) 1994

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Calculation of the value of scheme liabilities and assets

2.—(1) For the purposes of section 140(1) of the Act, the value of a scheme’s liabilities and assets are, subject to paragraphs (2) and (3), to be determined by being calculated and verified in accordance with the Guidance Note “Retirement Benefits Schemes — Deficiency on Winding Up (GN 19)”(1).

(2) In calculating the value of the scheme’s liabilities, any provision of the scheme which limits the amount of its liabilities by reference to the amount of its assets shall be disregarded.

(3) A determination under paragraph (1) must be certified by an actuary appointed by the trustees of the scheme in question as being in accordance with the guidance referred to in that paragraph.

(1)

Guidance Note GN 19 was jointly published on 1st April 1993, and revised with effect from 1st October 1993, by the Institute of Actuaries and the Faculty of Actuaries: copies may be obtained from the Institute of Actuaries, Staple Inn Hall. High Holborn., London WC1V 7QJ of from the Faculty of Actuaries, 23 St. Andrews Edinburgh EH2 1AQ

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