(1) Chapter 1 of Part 30 of the Principal Act is amended in section 772 -

(a) by the substitution, in subsection (3A)(a), of the following for the construction of "B":

"B is the amount or value of assets which the trustees, administrators or other person charged with the management of the scheme (in this section referred to as 'the trustees') would, if the assumptions in paragraph (b) were made, apply in purchasing an annuity payable to the relevant individual with effect from the date of the exercise of the option.",

and

(b) in subsection (3B)(a) -

(i) by the deletion of ", 784C, 784D",

(ii) by the substitution, in subparagraph (i), of "scheme, and" for "scheme,",

(iii) by the substitution, in subparagraph (ii), of "scheme." for "scheme," and

(iv) by the deletion of subparagraph (iia).

(2) Chapter 2 of Part 30 of the Principal Act is amended -