(1) The Principal Act is amended -

(a) in section 2(1)  -

(i) by inserting the following before the definition of " actuarial value ":

" ‘ 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;",

and

(ii) by substituting the following for the definition of " defined contribution scheme ":

" ‘ defined contribution scheme ’ means, subject to section 27, a scheme which, under its rules, provides long service benefit the rate or amount of which, for each member who qualifies for long service benefit, is in total directly determined by the accumulated value of the contributions paid by or in respect of the member and includes a scheme the contributions under which are used, directly or indirectly, to provide -

(a) benefits other than long service benefit, and

(b) long service benefit the rate or amount of which is in total directly determined by the accumulated value of the part of the contributions aforesaid that is used for the provision of the long service benefit,