11. In the Pension Sharing (Implementation and Discharge of Liability) Regulations 2000(1)—
(a)in regulation 1(2)(2) (interpretation), in the appropriate alphabetical place insert—
““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;
(b)for sub-paragraph (b) of regulation 10(1) (calculation of the value of appropriate rights), substitute—
“(b)Retirement Benefit Schemes - Transfer Values (GN11) adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”; and
(c)for regulation 16(2J)(3) (adjustments to the amount of the pension credit – occupational pension schemes which are underfunded on the valuation day), substitute—
“(2J) The references in this regulation to the actuary’s last relevant GN11 report are to his last report before the valuation day in accordance with “Retirement Benefit Schemes - Transfer Values (GN11)” adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and current on the valuation day.”.
Regulation 1(2) was amended by S.I. 2000/2691, 2001/3649, 2003/1727 and 2005/3377.
Regulation 16(2J) was substituted by S.I. 2005/706.