Regulation 8 Fund apportionment where 100 or more transfer their pension rights under regulation J14

by the insertion at the beginning of paragraph 11 of the words “Subject to paragraph (11A)”; and

by the insertion after paragraph (11) of the following:

“(11A)

Where the persons transferring their pension rights were, immediately before the transfer date, pensionable employees of a water authority, the value of the share of the fund to which the scheme managers of the approved non-local government scheme are entitled shall be the amount of:

(i)

the value at the relevant date of the actual and potential liabilities of the fund accrued at the relevant date in connection with any service or employment before the relevant date which relates to the persons transferring their pension rights on that date to the approved non-local government scheme, and

(ii)

the cost of increasing under the Pensions (Increase) Act 1971^f1 the pension rights of the persons transferring their pension rights,

as determined on the basis of actuarial assumptions specified by the Secretary of State.”.