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98(1)If rule 97(2) prevents the scheme administrator from paying a lifetime allowance charge for which the administrator is liable under section 217 of the 2004 Act, the charge is to be paid from the Pension Fund.
(2)Following such a payment, a reduction is to be made—
(a)where liability arose in respect of event 8, to the amount or value of the transferred sums or assets, or
(b)where liability arose in respect of any other event, to the amount or value of the benefits payable from the Fund to or in respect of the individual with whom the scheme administrator was jointly and severally liable.
(3)A reduction under rule 98(2) must, in the scheme actuary’s opinion, fully reflect the corresponding amount paid under rule 97.
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