This is the original version (as it was originally made).
3.—(1) This paragraph applies where immediately before a qualifying pension scheme began to wind up, a qualifying member was entitled to present payment of a pension under the scheme rules.
(2) The annual payment payable to a qualifying member to whom this paragraph applies shall be—
(expected pension x 0.8) — actual pension.
(3) In this paragraph, “expected pension” means the annual rate of the pension which would have been in payment to the qualifying member in respect of rights accrued in a qualifying pension scheme as at the certification date if the scheme had not started to wind up.
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