Paragraph 4

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 2(2)(b) (manner of calculation and verification of protected rights), substitute—

“(ii)

are certified by an actuary to the trustees or managers of the scheme as being consistent with the requirements of sections 9(3) and (5), 10 and 26 to 32 of the 1993 Act and as being consistent with the guidance note “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.”.