- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
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”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: