2.—(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.