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Paragraph 2

Original text. Later amendments are not shown.

The liabilities of the international section shall be—

(a)

the liabilities of the pension scheme existing at the segregation time that are attributable to pensionable service with Bradford & Bingley International including any liabilities attributable to a transfer received by the pension scheme during that pensionable service; and

(b)

any liabilities arising after the segregation time by reason of—

(i)

the continued pensionable service of the active members referred to in paragraph 1(b); or

(ii)

the admission of new members after the segregation time in accordance with the terms of the international section from time to time.