143 Board's obligation to obtain valuation of assets and protected liabilities
Pensions Act 2004 (2004 c 35) | Legislation

Valuation of assets and liabilities

143  Board's obligation to obtain valuation of assets and protected liabilities

(1)     This section applies in a case within subsection (1) of section 127 or 128.

[(2)     The Board must, as soon as reasonably practicable—

(a)     determine whether the condition in subsection (2)(a) of the section in question is satisfied, or

(b)     for the purposes of determining whether that condition is satisfied, obtain an actuarial valuation of the scheme as at the relevant time.

(2A)     Before doing so, it must give a notice stating whether it will make a determination under subsection (2)(a) or obtain an actuarial valuation under subsection (2)(b) to—

(a)     the trustees or managers of the scheme, and

(b)     any insolvency practitioner in relation to the employer or, if there is no such insolvency practitioner, the employer.]

(3)     For [the purposes of this section], regulations may provide that any of the following are to be regarded as assets or protected liabilities of the scheme at the relevant time if prescribed requirements are met—

(a)     a debt due to the trustees or managers of the scheme by virtue of a contribution notice issued under section 38, 47 or 55 during the pre-approval period;

(b)

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