(1) Regulations may make provision as to the exercise by trustees or managers of their powers under sections 273 and 274, including provision about the calculation and verification of the value at any time of rights or liabilities.
(2) The power conferred by subsection (1) includes power to provide for any values to be calculated or verified -
(a) in a manner which, in the particular case, is approved by a prescribed person, or
(b) in accordance with guidance from time to time prepared by a prescribed person.
(3) Regulations means regulations made by the Secretary of State after consultation with the Scottish Ministers or, in relation to Northern Ireland, regulations made by the Department of Justice and prescribed means prescribed by regulations.
(4) A pension scheme means an occupational pension scheme or a personal pension scheme; and those expressions have the same meaning as in the Pension Schemes Act 1993 (c. 48) or, in relation to Northern Ireland, the Pension Schemes (Northern
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