Valuation of safeguarded rights in money purchase schemes
5. Where the rules of a money purchase contracted-out scheme, an appropriate scheme or a scheme which has ceased to be a contracted-out scheme or an appropriate scheme make such provision as is mentioned in section 64A(2), the value of the safeguarded rights must be calculated in a manner no less favourable than that in which the value of—
(a)any other rights which the member with safeguarded rights has under that scheme, or, as the case may be, has accrued under that scheme up to the date that the scheme ceased to be a contracted-out scheme or an appropriate scheme; and
(b)any protected rights under the scheme from which the member’s safeguarded rights are derived.