Regulation 9 Increases and reductions of cash equivalents shown in the statement of entitlementF1F10

This regulation applies to a cash equivalent in respect of transferrable rights in relation to categories of benefits other than money purchase benefits where a statement of entitlement has been sent to a member of a salary related scheme by the trustees of the scheme.

Where all or any of the benefits to which a F3cash equivalent shown in the statement of entitlement relates have been surrendered, commuted or forfeited before the date on which the trustees do what is needed to carry out what the member requires, that part of the cash equivalent shown in the statement of entitlement which relates to the benefits so surrendered, commuted or forfeited shall be reduced to nil.

Where a scheme has on or after the guarantee date begun to be wound up, a F4cash equivalent shown in the statement of entitlement may be reduced to the extent necessary for the scheme to comply with F5the winding up provisions (as defined in section 73B(10)(a) of the 1995 Act) and regulations made under those provisions .

If, by virtue of regulations made F6under section 73B(4)(b)(i) of the 1995 Act by virtue of section 73B(5) of that Act, the winding up provisions (as so defined) apply to a section of a scheme as if that section were a separate scheme, paragraph (3) shall apply as if that section were a separate scheme and as if the references therein to a scheme were accordingly references to that section.

If a member’s F7cash equivalent shown in the statement of entitlement falls short of or exceeds the amount which it would have been had it been calculated in accordance with F8Chapter 1 of Part 4ZA of the 1993 Act and these Regulations it shall be increased or reduced to that amount.

In a case where two or more of the paragraphs of this regulation fall to be applied to a calculation, they shall be applied in the order in which they occur in this regulation except that where paragraph (5) falls to be applied it shall be applied as at the date on which it is established that the F9cash equivalent shown in the statement of entitlement falls short of or exceeds the proper amount.