Section 30 of the Principal Act is hereby amended by -

(a) the insertion in subsection (1) of the following definition before the definition of "appropriate contributions":

"'accumulated value' of any appropriate contributions means the amount which the trustees determine to be equal to -

(a) the realisable value of the resources of the scheme, in accordance with the rules of the scheme, which represent those contributions, less

(b) the amount of any of the expenses of the scheme which, under the rules of the scheme, are to be discharged out of those resources;",

and

(b) the substitution for subsection (7) of the following subsection:

"(7) Where benefits under a scheme are secured under one or more policies of assurance, the realisable value, on the date on which payment of preserved benefit commences, of the resources of the scheme which represent the appropriate contributions paid by or on behalf of a member shall, for the purposes of this Part, be the proportion of the proceeds of every such policy applicable to those contributions.".