Since the announcement of the MFR interim changes on 26 February there has been a number of queries from members regarding which version of GN19 should be used in different situations and the related issue of the appropriate version of GN27 on which to call.

The main implications were addressed in the letters sent to members on 26 February that described the changes to GN19 and GN27. A fuller description is set out in the tables below.

¹Version 3.0 of GN19 remains applicable in respect of deficiency calculations for pension schemes that started to wind-up before 19 December 1996 or where the deficiency is being calculated as at a date before 6 April 1997.

Unless otherwise mentioned in the report, trustees would normally expect that advice should only have regard to the legislation as it stands when that advice is delivered.

The 'relevant date' depends on the GN19 calculation being undertaken. It is either the "crystallisation date" (as defined in Winding Up Regulation 4(6)), the "calculation date" (as defined in paragraph 1.6.2 of GN19) or the "applicable time" (as defined in Deficiency Regulation 2(2)).

The date on which the calculation is actually performed (as opposed to the 'relevant date' above) is not relevant in the determination of which equity market value adjustment to use.