The following provisions1 apply where an application is made2 for the Board of the Pension Protection Fund3 to assume responsibility for a scheme4. Where the application is accompanied by a protected benefits quotation5, the Board must assume responsibility for the scheme6 if it is satisfied that the value of the assets7 of the scheme at the reconsideration time is less than the aggregate of: (1) the amount quoted in the protected benefits quotation accompanying the application; (2) the amount at that time of the liabilities of the scheme which are not liabilities to, or in respect of, members8 of
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