The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations (Northern Ireland) 2005

Further actuarial valuation of segregated parts

59.  Part III of the Order shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if after Article 144 (transfer notice) there were inserted the following Article –

“Further actuarial valuations of segregated parts

144A.— (1) This Article applies in any case where the Board is required to obtain a further actuarial valuation under Article 144(4B).

(2) The Board must obtain a further actuarial valuation of the assets and protected liabilities of the scheme as a whole and of the segregated part as at the date on which the Board is required to assume responsibility for that segregated part.

(3) A valuation obtained by the Board under this Article shall have effect as if it were a valuation obtained by the Board under Article 127 (Board’s obligation to obtain valuation of assets and protected liabilities).

(4) For the purposes of this Article, paragraphs (3), (4), (6) to (8) and (11)(a) of Article 127 shall apply in relation to a valuation of the scheme as a whole and of the segregated part obtained under this Article as they apply in relation to a valuation obtained under Article 127.

(5) In the application of Article 127 by virtue of this Article –

(a) paragraphs (5) and (11)(b) of that Article shall apply as if the references to “the relevant time” were to the date on which the Board is required to assume responsibility for the segregated part; and

(b) references to “assets” do not include assets representing the value of any money purchase benefits under the scheme rules which apply to the segregated part.”.