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32.—(1) Regulation 2.F.5 (ways in which transfer value payments may be applied) is amended as follows.
(2) In paragraph (1)(1), for “If Chapter 4 of Part 4 of the 1993 Act applies to a member, that member” substitute “A deferred member”.
(3) After paragraph (5), add—
“(6) Paragraph (1) applies whether or not the deferred member is entitled to a guaranteed cash equivalent transfer value payment under Chapter 1 of Part 4ZA of the 1993 Act.”.
Paragraph (1) was last amended by regulations 17 and 31 of S.I. 2015/96.
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