# The Teachers' Pensions Regulations 1997, Paragraph 4


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,

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Source: https://www.legislation.gov.uk/uksi/1997/3001/schedule/12/paragraph/4 (the official version)
Page: https://openlegislation.uk/teachers-pensions-regulations-1997/schedule-12/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.