Paragraph 6 I1

references to deferred members are to be treated as including pension credit members;

the following definitions apply—

• “accrued value” means an accrued pot value, an accrued fund value, or an annualised accrued value;

• “accrued fund value” means the current value of a member’s accrued rights, expressed as a single amount;

• “accrued pot value” means the current value of a member’s pension benefits, expressed as a single amount;

• “annualised accrued value” means the current value of a member’s pension benefits, expressed as an annual income;

• “annualised projected value” means an estimate of the value of a member’s pension benefits expressed as an annual income at their retirement date;

• “cash balance benefit” has the same meaning as in section 75 of the Pension Schemes Act 2015^f1;

• “cash balance scheme” means a scheme which provides cash balance benefits, whether or not the scheme also provides other benefits;

• “lump sum benefit” means a benefit designed to provide a capital value, rather than an income or an amount commuted into a lump sum;

• “pension illustration” means an illustration referred to in paragraph 6^f2 of Schedule 6 to the 2014 Regulations;

• “projected fund value” means an estimate of the value of a member’s accrued rights at their retirement date, expressed as a single amount;

• “projected pot value” means an estimate of the value of a member’s pension benefits at their retirement date, expressed as a single amount;

• “projected value” means a projected pot value, a projected fund value, or an annualised projected value;

• “relevant guidance” has the same meaning as in regulation 2(1) of the 2014 Regulations.