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33.—(1) Regulation 2.F.5 (ways in which transfer value payments may be applied) is amended as follows.
(2) In paragraph (1), for “A member” substitute “If Chapter 4 of Part 4 of the 1993 Act applies to a member, that member”
(3) For paragraph (2), substitute—
“(2) In any other case, a member may only require the Secretary of State to apply the guaranteed equivalent transfer value payment in one or more of the ways permitted under section 101AE of the 1993 Act.”.
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