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Paragraph 4

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)

a right to a cash equivalent was acquired,

the amount of the transfer value is

D-E

where—

  • D is the transfer value that would have been payable if paragraph 3 had applied, and

  • E is the amount of the cash equivalent,