means a category of members whose interest in the fund has a value at least equal to—
| a) | the contributions paid by the member and by the employer in terms of the rules of the fund that determine the rates of both their contributions at a fixed rate; |
| b) | less such reasonable expenses as the board determines; |
| c) | plus any amount credited to the member's individual account upon the commencement of the member's membership of the fund or upon the conversion of the category of the fund to which the member belongs from a defined benefit category to a defined contribution category of a fund or upon the amalgamation of his or her fund with any other fund, if any, other than amounts taken into account in terms of subparagraph (d); |
| d) | plus any other amounts lawfully permitted, credited to or debited from the member's individual account, if any, |
as increased or decreased with fund return: Provided that the board may elect to smooth the fund return;
[Definition amended by section 1(h) of Act No. 45 of 2013]