In this Part—

• “cash equivalent” means an amount calculated in accordance with regulations made under section 97 of PSA 1993;

• “club transfer statement of entitlement”, in relation to a member’s accrued earned pension under this scheme, means a statement by the scheme manager of the club transfer value as at the guarantee date;

• “club transfer value”, in relation to earned pension accrued under this scheme or under another club scheme, means an amount calculated—

  1. a

     in accordance with the club transfer arrangements; and

  2. b

     by reference to the guidance and tables provided by the Government Actuary for this purpose that are in use on the date used for the calculation;

• “guarantee date” means—

  1. a

     for a transfer value, the date specified in the statement of entitlement as the date by reference to which the cash equivalent is calculated; and

  2. b

     for a club transfer value, the date specified in the club transfer statement of entitlement as the date by reference to which the club transfer value is calculated;

• “guaranteed cash equivalent”, in relation to accrued rights to benefits under this scheme, means the cash equivalent of those accrued rights as at the guarantee date, as specified in a statement of entitlement;

• “statement of entitlement”, in relation to a member’s accrued rights to benefits under this scheme, means a statement by the scheme manager of the cash equivalent of those rights as at the guarantee date;

• “transfer value”, in relation to accrued rights other than rights to earned pension accrued under this scheme or under another club scheme, means—

  1. a

     for accrued rights to benefits under this scheme, an amount equal to the guaranteed cash equivalent of those accrued rights; and

  2. b

     for accrued rights under another pension scheme, an amount—

     1. i

        determined by the scheme actuary of that scheme; and

     2. ii

        specified in a statement of accrued rights provided by the scheme manager of that scheme.