Section 34(2) of the Pensions Act is hereby amended by the substitution for paragraph (b) of the following paragraph:

"(b) in the case of a defined contribution scheme, to the accumulated value of the appropriate contributions under the scheme in respect of the member, such value to be determined on a date not later than 3 months following the date of the receipt of the application:

Provided that where benefits under such a scheme are secured under one or more policies of assurance, the accumulated value of the appropriate contributions shall be the proportion of the proceeds of every such policy applicable to those contributions.".