For the purposes of Chapter 3 of Part 2 of the Pensions Act 2004 the protected liabilities, in relation to an eligible scheme1, at a particular time ('the relevant time') are: (1) the cost of securing benefits for and in respect of members2 of the scheme which correspond to the compensation which would be payable, in relation to the scheme, in accordance with the pension compensation provisions3 if the Board of the Pension Protection Fund4 assumed responsibility for the scheme in accordance with that Chapter5; (2) liabilities of the
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