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

Further actuarial valuation of segregated parts

59.  Part 2 of the Act shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if, after section 160 (transfer notice), there were inserted the following section—

“Further actuarial valuations of segregated parts

160A.— (1) This section applies in any case where the Board is required to obtain a further actuarial valuation under section 160(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 section.

(3) A valuation obtained by the Board under this section shall have effect as if it were a valuation obtained by the Board under section 143 (Board’s obligation to obtain valuation of assets and protected liabilities).

(4) For the purposes of this section, subsections (3), (4), (6) to (8) and (11)(a) of section 143 shall apply in relation to a valuation of the scheme as a whole and of the segregated part obtained under this section as they apply in relation to a valuation obtained under section 143.

(5) In the application of section 143 by virtue of this section—

(a) subsections (5) and (11)(b) of that section 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.”.