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Paragraph 3

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 an approved pension scheme which is not a club scheme, and

(b)

the service to which it relates includes service before 1st September 1988, and

(c)

no right to a cash equivalent was acquired,

the amount of the transfer value is the total of

A and the greater of B and C,

where—

  • A is a notional transfer value, calculated on the cash equivalent basis, in respect of the person’s service after 31st August 1988,

  • B is a notional transfer value, calculated on the cash equivalent basis, in respect of his service before 1st September 1988, and

  • C is a notional transfer value, calculated as if Schedule 7 to the 1976 Regulations, as in force on 31st August 1988, had continued in force, in respect his service before 1st September 1988.