2.—(1) After regulation 3 of the principal Regulations there shall be inserted–
3A.—(1) The value of any benefits in relevant state scheme rights shall be calculated and verified for the purposes of the Act in accordance with this regulation and regulation 4.
(2) The value, as at the relevant date, of the rights or interests which a party has or may have in any benefits in relevant state scheme rights shall be calculated and verified in such manner as may be approved by the Government Actuary.
(3) For the purposes of this regulation the date for the purposes of valuing any benefits in relevant state scheme rights shall be the date on which the request for valuation was received except where the date on which the request for valuation was received is more than 12 months after the relevant date where the date for the purpose of valuing the benefits shall be the relevant date.”.
(2) In regulation 4 of the principal Regulations, after “under a pension arrangement” there shall be inserted “or in relevant state scheme rights”.