5(1)Section 143 (Board’s obligation to obtain valuation of assets and protected liabilities) is amended as follows.
(2)For subsection (2) substitute—
“(2)The Board must, as soon as reasonably practicable—
(a)determine whether the condition in subsection (2)(a) of the section in question is satisfied, or
(b)for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.
(2A)Before doing so, it must give a notice stating whether it will make a determination under subsection (2)(a) or obtain an actuarial valuation under subsection (2)(b) to—
(a)the trustees or managers of the scheme, and
(b)any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.”
(3)In subsection (3) for “those purposes” substitute “the purposes of this section”.
(4)In subsection (4) for “this section” substitute “a determination made under subsection (2)(a) or an actuarial valuation obtained under subsection (2)(b)”.
(5)In subsection (5B) for “mentioned in subsection (2)” substitute “of this section”.
(6)After subsection (5B) insert—
“(5C)The Board must issue a statement setting out how (subject to any provision made under subsection (4)) it will make determinations under subsection (2)(a).”
(7)In subsection (6)—
(a)after “subsection (4),” insert “for the purposes of an actuarial valuation obtained under subsection (2)(b)”, and
(b)for “paragraphs (a) and (b) of that subsection” substitute “subsection (4)(a) and (b)”.
(8)In subsection (9)—
(a)for “requires the” substitute “requires a determination to be made, or an”, and
(b)after “purposes of” insert “the determination or”.
(9)In subsection (10) for “requires the” substitute “requires a determination to be made, or an”.
(10)In subsection (11)(b)(ii) after “first” insert “makes a determination under subsection (2)(a) or”.