Paragraph 2
(1)
In this Schedule, a “cash equivalent” of any rights and benefits to which a member is entitled is the realisable value of those rights and benefits.
(2)
A cash equivalent must be calculated—
(a)
in accordance with these Regulations and with the rules of the scheme to which it relates;
(b)
in a manner which is approved by the trustees;
(c)
as an estimate as at the date when the employers are informed of the transfer date under paragraph 9; and
(d)
as a final figure as at the transfer date.
(3)
In calculating a cash equivalent, account must be taken of any surrender, commutation or forfeiture of the whole or part of a member’s pension.