"investment reserve account"

in relation to a fund which has a defined contribution category, means an account of which the balance is determined as follows:

the excess of the value of the assets held in respect of the members' individual accounts and for any smoothing of fund return to be credited to such accounts, with allowances for expenses over the value of the balances in the members' individual accounts;

[Defintion amended by section 1(m) of Act No. 45 of 2013]