406. Calculation of cash equivalents.

Cash equivalents1 are to be calculated and verified in the prescribed manner2 and, where a specified designation has been made3, in accordance with specified regulations4. Regulations5 may provide that in prescribed circumstances a cash equivalent must be increased or reduced6 and may specify as the amount by which a cash equivalent is to be reduced such an amount that a member has no right to receive anything7. Regulations may also provide that in calculating cash equivalents that relate to money purchase benefits account must be taken:

  1.  

    (1)     of any surrender, commutation or forfeiture of the whole or part of