A statutory funding requirement imposed on most defined-benefit (DB) schemes by section 56 of the Pensions Act 1995. The MFR dictated that a scheme's assets must cover its liabilities, assessed on a prescribed set of actuarial assumptions. Since 30 December 2005, the MFR has been superseded by the scheme-specific funding provisions of Part 3 of the Pensions Act 2004, although MFR valuation results continue to be used for the time being in calculating cash equivalent transfer values (CETV) and, in some instances, the risk-based levy payable by a scheme to the Pension Protection Fund.