37.—(1) Where the circumstances specified in paragraph (2) apply—
(a)the trustees of a trust scheme may not use an actuarial valuation made on the basis specified in paragraph (2)(c) for the purposes of fulfilling the conditions specified in Article 37(3)(a) of the 1995 Order or regulation 4(1) or (2) of the Payments to Employer Regulations (schemes that are subject to Part 4 of the 2005 Order – determination of assets and liabilities), and
(b)a valuation certificate prepared in relation to an actuarial valuation made on the basis specified in paragraph (2)(c) is not valid in relation to any period after the appointed day.
(2) The circumstances specified in this paragraph are that—
(a)the scheme is subject to Part 4 of the 2005 Order (scheme funding);
(b)the scheme provides any of the benefits specified in paragraph (3), and
(c)the trustees of the scheme propose to use an actuarial valuation made on the basis that benefits specified in paragraph (3) were money purchase benefits for the purpose of meeting the condition specified in Article 37(3)(a) of the 1995 Order.
(3) The benefits specified in this paragraph are—
(a)cash balance benefits;
(b)a defined benefit minimum (in relation to money purchase underpin benefits or cash balance underpin benefits);
(c)top-up benefits;
(d)pensions derived from money purchase benefits, and
(e)pensions derived from any of the benefits specified in sub-paragraphs (a) to (c).