(1) In this Act, unless the context otherwise requires -

"accumulated value" in relation to contributions, means the amount which the trustees determine to be equal to - (a) the realisable value of the portion of the resources of the scheme that, in accordance with the rules of the scheme, represents those contributions, less (b) the amount of so much of the expenses of the scheme as, under the rules of the scheme, are to be discharged out of that portion;

"actuarial funding certificate" has the meaning assigned to it by section 42;

"actuarial value" means the equivalent cash value of a benefit (including, where appropriate, provision for any revaluation of such benefit) calculated by reference to appropriate financial assumptions and making due allowance for the probability of survival to normal pensionable age and thereafter in accordance with normal life expectancy on the assumption that the member of a scheme, at the effective date of calculation, is in a normal state of health having regard to his age;