23Change in scheme rules or membership class

23 Change in scheme rules or membership class

(1) This clause applies if: (a) either of the following events occurs in relation to the member for the financial year: (i) the rules of the member’s scheme are changed; (ii) the member changes to a different membership class in the scheme; and (b) the change results in an increase in the actuarial value of the employer‑provided benefits that accrued to the member for the financial year. (2) The actuarial value of the increase in the employer‑provided benefits that accrued to the member for the financial year is an amount that represents the difference between the actuarial value of all employer‑provided benefits that had accrued to the member immediately after the change and the greater of: (a) the employer‑provided component of the actuarial value of the benefits that had accrued to the member immediately before the change worked out using the valuation parameters set out in Part 2; and (b) the employer‑provided component of the standard vested benefit at the date of the change. (3) If the scheme is a funded scheme, the amount worked out under subclause (2) is to be divided by 0.85. (4) For the purposes of paragraph (2)(b), if there is an option in vested benefits, the reference to ‘standard vested benefit’ is a reference to the maximum value of the vested benefit.