Paragraph 17

in regulation 1(3) (interpretation) in the appropriate alphabetical place insert—

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

for sub-paragraph (b) of regulation 5(2) (calculation of the actuarial value of affected member’s subsisting rights), substitute—

“(b)

shall ensure that the calculation of the actuarial value of an affected member’s subsisting rights is made in accordance with any guidance that is adopted or prepared, and from time to time revised, by the Board for Actuarial Standards which is current on the date that the actuarial equivalence statement is obtained by the trustees;”.