# The Occupational Pension Schemes (Master Trusts) Regulations 2018, 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.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111170533/schedule/5/paragraph/2 (the official version)
Page: https://openlegislation.uk/draft-occupational-pension-schemes-master-trusts-regulations-2018/schedule-5/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.