Amendment of Schedule 1C to the 2005 Regulations18
1
Schedule 1C to the 2005 Regulations (actuary’s certificate for withdrawal arrangement share or approved withdrawal arrangement share in multi-employer scheme)25 is amended as follows.
2
For the third paragraph in the certificate, substitute—
3Valuation principles
The scheme’s assets and liabilities are valued in accordance with—
a
section 75(5) of the Pensions Act 1995, and
b
regulations 5, 6[, 6C(3) and 7(5)] [delete as appropriate] of the Employer Debt Regulations.
3
In the first paragraph in the Notes, for the definition of “relevant transfer deduction” substitute—
“relevant transfer deduction” means the amount of the relevant transfer liabilities less the value of the corresponding assets;
4
Omit the second paragraph of the Notes.
5
In the fourth paragraph in the Notes, for “updated actuarial assessment” substitute “updated liabilities assessment”.
6
After the last paragraph in the Notes, insert—
The total amount of the employer’s debt will be the amount of the (approved) withdrawal arrangement share stated in paragraph 2 of the certificate plus any cessation expenses (as defined in regulation 2(1) of the Employer Debt Regulations). See regulation 6(1)(e)(ii) of the Employer Debt Regulations.