Paragraph 5
Where—
(a)
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
(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 4 had applied, and
E is the amount of the cash equivalent.