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5. In regulation 12–
(a)in paragraph (5) for “shall” there shall be substituted “may”;
(b)at the end of paragraph (5)(d)(iii) for “and” there shall be substituted “ or”;
(c)after paragraph (5)(d)(iii) there shall be added–
“(iv)is to be an Investment Linked Pension; and”; and
(d)for paragraph (8) there shall be substituted the following paragraph–
“(8) Subject to paragraphs (9) and (10), if the participator has not made an election under paragraph (5) before he attains the age of 75, the Secretary of State may on or after his attaining that age realise the investments made under regulation 9(1) or 10(2) and apply the amount obtained to the purchase of a pension policy from the insurance company referred to in regulation 9 to provide such benefits as appear to him to be suitable.”.
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