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Paragraph 1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A declaration is to specify—

(a)

the part of the retirement pension allocated, and

(b)

which alternative benefit it is to provide.

(2)

The part allocated, which is to be expressed as a whole number of pounds, must not exceed the lower of—

(a)

1/3rd of the annual rate of the retirement pension, disregarding any National Insurance modification under Schedule 10, and

(b)

the amount that would result in the reduction of that rate to less than the rate of, as the case may be, the annuity mentioned in regulation E11(2)(a) or the subsequent annuity mentioned in regulation E11(2)(b),

and must not be such as to affect any equivalent pension benefits.