In these Regulations -

"accumulated value" of any contributions means the amount which the trustees determine to be equal to - (a) the realisable value of the resources of the trust RAC, in accordance with the rules of the trust RAC, which represent those contributions, less (b) the amount of any of the expenses of the trust RAC which, under the rules of the trust RAC, are to be discharged out of those resources;

"the Act" means the Pensions Act 1990 (No. 25 of 1990);

"concentration of investment" in relation to a trust RAC means investments exceeding a stated percentage of the resources of the trust RAC in one undertaking and in any associate of it or in one property, other than in the following categories - (a) Government securities; (b) insurance policies; (c) contracts of assurance; (d) managed funds; (e) unit trusts; or (f) cash deposits.