64. An actuarial valuation of the Scheme as at 31 December 1996 showed that "as determined.... by... the principles and requirements of the Pension Scheme Surpluses (Valuation) Regulations 1987." there was no statutory surplus but that on a Minimum Funding Requirement basis the Scheme was funded 175% and there would be satisfactory coverage on a notional discontinuance.

Not specific to IBM but interesting that we have here the concept of "satisfactory coverage".  It was because actuaries thought coverage was satisfactory when it was not that the UK has 65,000+ erstwhile scheme members looking to the Financial Assistance Scheme for help.