72. In regulation 3.F.6 (calculating amounts of transfer value payments), for paragraphs (1) and (2) substitute—
“(1) The amount of the guaranteed cash equivalent transfer value payment is to be calculated and verified by the Secretary of State in accordance with the Occupational Pension Schemes (Transfer Values) Regulations 1996(1).
This is subject to paragraphs (2), (3) and (5).
(2) Before determining the factors to be used in the calculation of the member’s guaranteed cash equivalent, the Secretary of State shall take advice from the Scheme actuary.”.