The Pension Protection Fund (Closed Schemes) Regulations (Northern Ireland) 2007

Obtaining of actuarial valuations of closed schemes

3.—(1) In this regulation—

“the determination date” means the date immediately after—

(a)

the expiry of the period within which the issue of the determination notice may be reviewed by virtue of Chapter 6 of Part III of the Order (reviews, appeals and maladministration), or

(b)

if the issue of the notice is so reviewed—

(i)

the review and any reconsideration;

(ii)

any reference to the PPF Ombudsman in respect of the issue of the notice, and

(iii)

any appeal against his determination or directions,

has been finally disposed of and the notice has not been revoked, varied or substituted;

“the relevant period” is the period of three years beginning immediately after the relevant time of the actuarial valuation of the scheme under Article 127 (Board’s obligation to obtain valuation of assets and protected liabilities);

“the relevant time” shall be construed in accordance with Article 127(11)(c).

(2) The effective date of the first Article 140 valuation shall—

(a) be within the relevant period, or

(b) where the determination date did not fall within the relevant period, be within the period of 15 months beginning on the determination date.

(3) Any subsequent Article 140 valuation shall have an effective date which is not more than three years after the effective date of the previous Article 140 valuation.

(4) The trustees or managers of a closed scheme shall obtain any Article 140 valuation of the scheme within the period of 15 months after its effective date.