Regulation 2 Interpretation

In these Regulations—

• “the Act” means the Financial Services and Markets Act 2000;

• “illustrative value” means the value of a member’s benefits under a relevant pension scheme^f1 at the time that member asks to take, convert or transfer their benefits from the scheme, with that value being calculated in the same manner as would be used to calculate the value of that member’s benefits for the purpose of providing information to the member if it was required by regulation 17 of, and Part 1 of Schedule 6 to, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013^f2;

• “member’s asset share” means the part of the total assets of a relevant pension scheme associated with a member of that scheme, where it is aimed that the assets comprising the whole of that part will provide the minimum value of the member’s benefits;

• “point of surrender” means the point in time at which the member takes, converts or transfers benefits from a relevant pension scheme; and

• “surrender value” means the value of the benefits which the member takes, converts or transfers from a relevant pension scheme.