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20. If an actuarial valuation of the Section by the Actuary shows that the value of the Section’s assets exceeds the value of the Section’s liabilities by a percentage which is more than the maximum laid down in the laws relating to surplus funds first introduced by Schedule 12 to the Finance Act 1986(1), the Trustee may (after having consulted with the Pensions Committee), with the agreement of the Inland Revenue, make a payment to the Participating Employers in such proportions as the Designated Employer directs.
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