SCHEDULE 5CONTINUITY OPTION 1: TRANSFER OUT AND WINDING UP
Calculation of cash equivalent
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1
In this Schedule, a “cash equivalent” of any rights and benefits to which a member is entitled is the realisable value of those rights and benefits.
2
A cash equivalent must be calculated—
a
in accordance with these Regulations and with the rules of the scheme to which it relates;
b
in a manner which is approved by the trustees;
c
as an estimate as at the date when the employers are informed of the transfer date under paragraph 9; and
d
as a final figure as at the transfer date.
3
In calculating a cash equivalent, account must be taken of any surrender, commutation or forfeiture of the whole or part of a member’s pension.