Prospective
7(1)Cash equivalents are to be calculated and verified in the prescribed manner.U.K.
(2)Regulations made under sub-paragraph (1) may, in particular, provide—
(a)that in calculating cash equivalents account shall be taken—
(i)of any surrender or forfeiture of the whole or part of a qualifying member’s pension which occurs before the Treasury does what is needed to comply with the choice made by him in exercising his option;
(ii)in a case where paragraph 6(6) applies, of the need to deduct an appropriate amount to provide a guaranteed minimum pension or give effect to protected rights; and
(b)that in prescribed circumstances a qualifying member’s cash equivalent shall be increased or reduced.
(3)Without prejudice to the generality of sub-paragraph (2), the circumstances that may be specified by virtue of paragraph (b) of that sub-paragraph include the length of time which elapses between the termination of a qualifying member’s qualifying service and his exercise of the option conferred by paragraph 6.