"member surplus account"

in relation to a fund, means an account provided for in the rules of the fund to which shall be—

a)credited—
i)amounts allocated by the board in terms of sections 15B and to be used for the benefit of members;
ii)return on the balance in the account from time to time: Provided that the board may elect to smooth the fund return; and
iii)amounts reallocated from the employer surplus account to the account in terms of section and
b)debited—
i)the cost of any benefit improvements funded the account; and
ii)any expenses which would otherwise reduce benefits payable to members;

[Definition amended by section 1(o) of Act No. 45 of 2013]