Manner of calculation and verification of cash equivalents24

1

Subject to paragraph (2), cash equivalents are to be calculated and verified in accordance with regulations 7 to 7E of the Transfer Values Regulations as appropriate.

2

When calculating and verifying the cash equivalent, those Regulations are to be read as if—

a

in regulation 1(2) (interpretation), there were inserted at the appropriate alphabetical places—

• “eligible member” has the meaning given by section 101P(1) of the 1993 Act (interpretation)43;

• “valuation date” has the meaning given by section 101J(7) of the 1993 Act (time for compliance with transfer notice)44;

b

in regulation 7(1) (manner of calculation and verification of cash equivalents – general provisions), for “paragraphs (4) and (7)” there were substituted “paragraphs (4), (7) and (8)”;

c

in regulations 7 to 7C and Schedule 1A, references to “member” were references to “eligible member”;

d

after regulation 7(7), there were inserted—

8

Cash equivalents are to be calculated and verified in relation to the valuation date.

e

in regulation 7A(2), the reference to “guarantee date” was a reference to “valuation date”;

f

paragraphs 7 and 9 of Schedule 1A were omitted; and

g

in paragraph 12 of Schedule 1A, the words “a cash equivalent mentioned in section 93A of the 1993 Act, before the guarantee date” were “a cash equivalent such as is mentioned in section 101H of the 1993 Act, before the valuation date”.