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The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996
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- Northern Ireland Statutory Rules
- 1996 No. 570
- SCHEDULE 4
- Valuation of increases secured...
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Valuation of increases secured as mentioned in this Schedule
6.—(1) An increase in value secured by the method specified in paragraph 2 shall at any time be treated for the purposes of Article 60 as being of an amount equal to—
(a)the amount specified in the appropriate letter of credit as the maximum amount the institution guarantees, or
(b)the Article 60 shortfall at that time,
whichever is less.
(2) An increase in value secured by the method specified in paragraph 3 shall at any time be treated for the purposes of Article 60 as being of an amount equal to—
(a)the amount standing to the credit of the account at that time, or
(b)the Article 60 shortfall at that time,
whichever is less.
(3) An increase in value secured by the method specified in paragraph 4 shall at any time be treated for the purposes of Article 60 as being of an amount equal to—
(a)the amount specified in the charge as the maximum amount to be secured by it, or
(b)the Article 60 shortfall at that time,
whichever is less.
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