Paragraph 10

in regulation 1(2)^f2 (interpretation), in the appropriate alphabetical place insert—

• ““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

for head (i) of regulation 4(3)(b)^f3 (occupational pension schemes: manner of calculation and verification of cash equivalents), substitute—

“(i)

as being consistent with “Retirement Benefit Schemes - Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day; and”;

for regulation 5(3J)^f4 (occupational pension schemes: further provisions as to the calculation of cash equivalents and increases and reductions of cash equivalents), substitute—

“(3J)

The references in this regulation to the actuary’s last relevant GN11 report are to his last report before the valuation day in accordance with “Retirement Benefit Schemes - Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”; and

for sub-paragraph (b) of regulation 6(2) (other relevant arrangements: manner of calculation and verification of cash equivalents), substitute—

“(b)

are certified by an actuary to the person responsible for the arrangement as being consistent with “Retirement Benefit Schemes - Transfer Values (GN11)”, adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”.