Regulation 110 Interpretation of PartI1

In this Part—

• “cash equivalent” means an amount calculated in accordance with regulations made under section 97 (calculation of cash equivalents) of PSA 1993^f1;

• “guarantee date” has the meaning given in regulation 113;

• “guaranteed cash equivalent” means, in relation to calculating the transfer value of accrued rights to benefits under this scheme, the cash equivalent of those benefits as at the guarantee date, as specified in a statement of entitlement;

• “statement of entitlement” means, in relation to an active or deferred member’s accrued rights to benefits under this scheme, a statement by the scheme manager of the cash equivalent of those benefits as at the guarantee date;

• “transfer value” means an amount equal to—

  1. (a)

     the guaranteed cash equivalent of the accrued rights to benefits under this scheme; or

  2. (b)

     the guaranteed cash equivalent together with any increase payable under regulation 115.