Regulation 3 Amendment to regulation 1.2 (Interpretation)

before the definition of “additional voluntary contributions” insert—

• ““accrued benefits” means the total value of A minus B, where—

  • A is the sum of the realisable value of the investments made by the administrators with the contributions paid by the member, plus any transfer payment accepted in relation to the member under regulation 2.22; and

  • B is the sum of—

    1. (i)

       any amount deducted in respect of tax under regulation 2.30;

    2. (ii)

       the fees or charges of an authorised provider in relation to the investments made by the administrator defrayed in accordance with regulation 2.31; and

    3. (iii)

       any amount that has already been transferred out of the scheme under regulation 2.28;”;

after the definition of “qualifying judicial office” insert ““qualifying recognised overseas pension scheme” has the meaning given in section 169(2) of the 2004 Act^f1;”.