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45. In regulation 26 (use of accumulated value of AVCs and SCAVCs)—
(a)in paragraph (1)(a)(ii), for “19, 30 or 31” substitute “19 or 30”;
(b)in paragraph (2), after “paragraph (1)(a)(i)” insert “or (b)”;
(c)for paragraph (3), substitute—
“(3) The permissible ways are—
(a)to subscribe to a registered pension scheme (other than the Scheme) but only if making a transfer under Part 9;
(b)to subscribe to the AVC or SCAVC scheme established by the person’s new administering authority where regulation 86(1) or (2) applies; or
(c)to purchase an appropriate policy from one or more insurance companies (within the meaning of section 275 of the Finance Act 2004).”;
(d)omit paragraph (7); and
(e)in paragraph (8), omit “or with paragraph (7)(b)”.
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