86.—(1) This regulation applies where a member gives notice to the appropriate administering authority of joint and several liability under section 237B (liability of scheme administrator) of the Finance Act 2004 M1 in respect of the member's annual allowance charge.
(2) Where the joint liability amount specified in the notice is met by the pension fund, the appropriate administering authority must reduce the value of the member's rights accrued under the Scheme in accordance with actuarial guidance issued by the Secretary of State.
Marginal Citations
M12004 c. 12; section 237B was inserted by the Finance Act 2011 (c. 11).