Paragraph 4
Where—
a transfer value is payable to the scheme managers of a registered pension scheme which is an occupational pension scheme and not a club scheme, and
the service to which it relates includes service before 1st September 1988, and
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 the person's service before 1st September 1988, and
C is a notional transfer value, calculated as if Schedule 7 to TSR 1976, as in force on 31st August 1988, had continued in force, in respect of the person's service before 1st September 1988.