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United Kingdom
United Kingdom
Key definition
Liabilities definition What does Liabilities mean? In practice, a scheme’s liabilities are what it owes: the future benefit payments (for example, pensions and lump sums) and the scheme’s expenses. They are usually measured as the present value of expected cashflows, determined by an actuary using assumptions on discount rate, longevity, inflation and expenses. Comparing liabilities with the market value of assets gives the funding level: a deficit arises where liabilities exceed assets; a surplus where assets exceed liabilities. “Liabilities” is a descriptive term used across legal, actuarial and accounting contexts rather than a single statutory definition. However, valuation bases are prescribed for particular purposes. In...
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UK nuclear civil liability regime: Paris/Brussels framework, Nuclear Installations Act 1965 and Energy Act 2023 (CSC) - principles, limits, insurance, transport, case law and third-party exceptions
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LexisNexis Energy expert
Practice notes
The UK is a signatory to the international system of nuclear liability created by the 1960 Paris Convention and its later amending agreements. The UK gives effect to these commitments through the Nuclear Installations Act 1965 (NuIA 1965), which has been updated by primary and secondary legislation to mirror Convention revisions and UK policy choices within the permitted limits. The most recent instrument is the Energy Act 2023 (EnA 2023), which modifies the NuIA 1965 to implement the Convention on Supplementary Compensation (CSC). The EnA 2023 empowers the Secretary of State to make regulations to give effect to the CSC, or otherwise to address matters connected with, or arising from, the CSC. This Practice Note succinctly outlines the evolution and current position of UK nuclear liability law and considers the changes introduced by the EnA 2023 to the NuIA 1965.
What is the international treaty background to the UK nuclear Liabilities regime?
1960 Paris Convention
The UK signed the Paris Convention on 29 July 1960, ratified it on 23 February 1966, and the Convention entered into force on 1 April 1968. The Paris Convention, like the Vienna Convention (see below), sets out the following core principles, which were first introduced...
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Web page updated on 22/05/2026
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I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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