Calculation of amount of transfer payment
99.—(1) The amount of the transfer payment to be paid under regulation 98 (bulk transfers) is the amount determined by an actuary appointed by the members’ appropriate administering authority to be equal to the value at the date those members join the new scheme, of the actual and potential liabilities payable from its fund which have then accrued in respect of the members and the persons who are or may become entitled to benefits under the Scheme through them.
(2) The actuary may make such adjustments as are thought fit in calculating that amount and in particular as respects the period from that date to the date of actual payment of the transfer value.
(3) The actuary must specify in the valuation the actuarial assumptions used in making it.
(4) The Scheme employer shall bear the costs of determining the appropriate part of the fund and apportioning the fund.
(5) But if there is more than one Scheme employer involved, each shall bear such part of the costs as the actuary determines to be appropriate.