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Pensions Act 2004
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Changes over time for: Section 179
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- 10/02/2005- Amendment
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Pensions Act 2004, Section 179 is up to date with all changes known to be in force on or before 03 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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179Valuations to determine scheme underfundingE+W+S
This section has no associated Explanatory Notes
(1)For the purposes of enabling risk-based pension protection levies (within the meaning of section 175) to be calculated in respect of eligible schemes, regulations may make provision requiring the trustees or managers of each such scheme to provide the Board or the Regulator on the Board’s behalf—
(a)with an actuarial valuation of the scheme at such intervals as may be prescribed, and
(b)with such other information as the Board may require in respect of the assets and protected liabilities of the scheme at such times as may be prescribed.
(2)For the purposes of this section, in relation to a scheme—
“an actuarial valuation” means a written valuation of the scheme’s assets and protected liabilities prepared and signed by the actuary;
“the actuary” means—
(a)the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (c. 26) (professional advisers) in relation to the scheme, or
(b)if no such actuary has been appointed—
(i)a person with prescribed qualifications or experience, or
(ii)a person approved by the Secretary of State.
(3)Regulations under this section may prescribe how—
(a)the assets and the protected liabilities of schemes, and
(b)their amount or value,
are to be determined, calculated and verified.
(4)Subject to any provision made under subsection (3), those matters are to be determined, calculated and verified in accordance with guidance issued by the Board.
(5)In calculating the amount of any liabilities for the purposes of a valuation required by virtue of this section, a provision of the scheme rules which limits the amount of the scheme’s liabilities by reference to the value of its assets is to be disregarded.
(6)In this section references to “assets” do not include assets representing the value of any rights in respect of money purchase benefits under the scheme rules.
Modifications etc. (not altering text)
C1Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72
C2Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11
C3Ss. 175-181 modified (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 for specified purposes in so far as not already in force) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 73-75
Commencement Information
I1S. 179(1)(a)(3) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3
I2S. 179(2) in force in so far as it relates to paragraph (b)(i) of the definition of "the actuary" for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes in relation to that paragraph of that definition at 6.4.2005 for specified purposes by S.I. 2005/275, art. 2(3), Sch. Pt. 3
I3S. 179(2) in force in so far as not already in force except subsection (1)(b) at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(7), Sch. Pt. 7
I4S. 179(4)-(6) in force in so far as not already in force except subsection (1)(b) at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7
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