Paragraph 2

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;”; and

for head (ii) of regulation 3(2)(b) (manner of calculation and verification of cash equivalents), substitute—

“(ii)

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 date of the calculation.”.