Paragraph 16

in regulation 1(2) (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 (ii) of regulation 2(3)(b) (calculation and verification of cash transfer sum), substitute—

“(ii)

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 at the date on which the cash transfer sum is calculated,”; and

for regulation 4(5) (reduction of cash transfer sums and contribution refunds), substitute—

“(5)

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