Method of calculating assets and liabilities

(1) The assets and liabilities in a defined benefit pension plan shall– (a) be determined in a manner that complies with the Standards of Practice of the Caribbean Actuarial Association or a corresponding Canadian, British or American equivalent that may be approved for this purpose by the Supervisor; and (b) be determined as at the effective date of the valuation of the pension plan. (2) The assets and liabilities in a defined contribution pension plan shall be determined using the market value of the accumulated contributions, with investment income, made to the pension fund by or in respect of the members or former members, less any applicable fees.