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Regulation 3 Purpose and effect

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

These regulations shall apply for the purposes of valuing a member’s relevant rights which are to be transferred to the Part I scheme under section 12 of the 1993 Act.

(2)

The sum of a member’s relevant rights in his last existing scheme and his relevant rights in any former scheme shall form the total amount to be transferred into the Part I scheme.

(3)

The total amount to be transferred into the Part I scheme shall be expressed as a period of notional service in the office held by the member at the date of transfer in accordance with regulations 5, 6 and 7.