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12.—(1) Regulation M3 (amount of member’s cash equivalent) is amended as follows.
(2) In paragraph (1), omit the words “, calculated and verified as required by Chapter IV of Part IV of the 1993 Act”.
(3) After paragraph (1), insert—
“(1A) The Secretary of State shall—
(a)take advice from the Scheme Actuary before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent, and
(b)calculate and verify the amount of the guaranteed cash equivalent in accordance with the Occupational Pension Schemes (Transfer Values) Regulations 1996(1).”.
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