c

the amount found by the formula—

$\genfrac{}{}{0.1ex}{}{\left(\mathrm{A}-\mathrm{B}\right)\times 45}{100}$

where—

• A is the market value of the assets of the scheme at that time, other than assets franking any pension in payment under the rules of the scheme where the purchase of an annuity has been deferred (including any pension that would be payable to a widow or widower of a member of the scheme following the member’s death in a case where the rules of the scheme limit such pension to the person to whom the member was married at retirement), and

• B is the aggregate of any sums borrowed to purchase those assets, and any other liabilities incurred by the trustees which are outstanding at that time, other than liabilities to pay benefits under the scheme.