SCHEDULES

F1F1F2SCHEDULE 23ZA

Annotations:
Amendments (Textual)
F1

Sch. 23ZA repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)

Excessive funding of certain individual members

4

1

The Board may refuse or withhold approval under paragraph 3 above in the case of an eligible scheme of a prescribed description if or so long as they are not satisfied that prescribed requirements will be fulfilled with respect to—

a

the value of any prescribed benefits which may be provided for or in respect of an individual member of a prescribed description, and

b

the value of the assets held for the purpose of providing benefits for or in respect of that member,

if approval under paragraph 3 above is granted.

2

Regulations may make provision for or in connection with cases where the value mentioned in paragraph (b) of sub-paragraph (1) above exceeds, or exceeds by more than a prescribed percentage, the value mentioned in paragraph (a) of that sub-paragraph.

3

The provision that may be made by virtue of sub-paragraph (2) above includes provision for or in connection with eliminating or reducing any such excess within a prescribed period by one or more prescribed methods.

4

Regulations may make provision for the purposes of this paragraph for or in connection with—

a

the valuation of benefits; or

b

the valuation of assets.

5

The provision that may be made by virtue of sub-paragraph (4)(a) or (b) above includes provision with respect to, or in connection with,—

a

the person by whom any such valuation is to be made;

b

the method or principles of valuation to be used;

c

certification of any such valuations and of any prescribed matters relating to or connected with them;

d

any facts, matters or assumptions by reference to which any such valuation is to be made;

e

any tables to be used for the purpose of making any such valuation;

f

the basis on which any such tables are to be prepared;

g

the manner in which any such tables are to be applied.

6

The methods or principles of valuation and the tables that may be prescribed by virtue of sub-paragraph (5) above include methods or principles or, as the case may be, tables published by the Government Actuary for any purposes of the personal pension provisions of this Act.