in regulation 1(2)16 (interpretation) in the appropriate alphabetical place insert—

““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”;

for head (ii) of regulation 7(3)(b)17 (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 guarantee date, or if the cash equivalent is of money purchase benefits, on the relevant date,”; and

for regulation 8(4J)18 (further provisions as to calculation of cash equivalents and increases and reductions of cash equivalents (other than guaranteed cash equivalents)), substitute—

“(4J)

The references in this regulation to the actuary’s last relevant GN11 report are to his last report before the guarantee 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 guarantee date.”.