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8. In this Schedule—
“ceased policies or contracts” means those policies or contracts which ceased to be in force in the APC; and
“the imputed return” means the amount found by the sum—
where—
“AL” is the average amount of the liabilities(1) that arise in respect of the re-insured business in the APC;
“M” means—
the number of whole months of the APC which fall within the period of the re-insurance arrangement; or
where paragraph 3 applies, the number of whole months of the APC which fall within the period of the re-insurance arrangement in which the ceased policies or contracts are in force; and
“RR” is the average rate of return for UK 5 year gilts in the APC.
See section 139(1) of the Act.
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