12. In the Pension Sharing (Pension Credit Benefit) 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;”; and
(b)for head (ii) of regulation 24(3)(b)(3) (manner of calculation and verification of cash equivalents), substitute—
“(ii)as being consistent 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 date; and”; and
(c)for regulation 27(4J)(4) (increases and reductions of cash equivalents before a statement of entitlement has been sent to the eligible member), substitute—
“(4J) The references in this regulation to the actuary’s last relevant GN11 report are to his last report before the reference date 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 reference date.”.
Regulation 1(2) was amended by S.I. 2000/2691, 2001/3649, 2003/1727 and 2005/3377.
Regulation 24(3)(b)(ii) was amended by S.I. 2005/3377.
Regulation 27(4J) was substituted by S.I. 2005/706.