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3. For the purposes of the preparation of an actuarial valuation under paragraph 22(2)(a) of Schedule 5 to the Act—
(a)the liabilities of the Pension Protection Fund shall be any sums or properties falling to be paid or transferred out of the Fund required to meet liabilities listed in section 173(3) of the Act; and
(b)the value of a liability shall be the present value of that liability at the valuation date.
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