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Paragraph 2

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

Where—

(a)

a transfer value is payable to the scheme managers of a club scheme or a personal pension scheme, or

(b)

a transfer value is payable to the scheme managers of an approved pension scheme which is not a club scheme and none of the service to which it relates is service before 1st September 1988,

and no right to a cash equivalent was acquired, the transfer value is to be calculated on the cash equivalent basis.