Paragraph 3

The apportionment fraction is—

$$\colorbox[rgb]{}{$\genfrac{}{}{0.1ex}{}{[\genfrac{}{}{0.1ex}{}{A}{B}\times (C+D)]-E}{C}$}$$

where—

• A is the value at the relevant date of the accrued actuarial liabilities of the fund which relate to the persons transferring their pension rights on that date to the approved non-local government scheme;

• B is the value at the relevant date of all accrued actuarial liabilities of the fund;

• C is the value at the relevant date of the transferable assets of the fund minus any sums then due from the fund;

• D is the value at the relevant date of any adjustments to be made in consequence of a certificate under regulation P6(1)(b) to sums (other than sums then due to the fund) to be contributed to the fund under regulation P7(1); and

• E is the value at the relevant date of the part (if any) of those adjustments which relates to the persons transferring their pension rights on that date to the approved non-local government scheme.