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3. Where—
(a)a transfer value is payable to the scheme managers of an approved superannuation scheme which is not a club scheme; and
(b)the service to which it relates includes service before 1st March 1989; and
(c)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 28th February 1989;
B is a notional transfer value, calculated on the cash equivalent basis, in respect of his service before 1st March 1989; and
C is a notional transfer value, calculated as if Schedule 6 to the 1977 Regulations, as in operation on 28th February 1989, had continued in operation, in respect of his service before 1st March 1989.
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