266. The statutory funding objective.

Every scheme is subject to a requirement ('the statutory funding objective') that it must have sufficient and appropriate assets to cover its technical provisions1. For the purposes of Part 3 of the Pensions Act 20042: (1) the assets to be taken into account and their value must be determined, calculated and verified in a prescribed3 manner; and (2) the liabilities to be taken into account must be determined in a prescribed manner and the scheme's technical provisions must be calculated in accordance with any prescribed methods and assumptions