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87.—(1) A pension credit member’s safeguarded rights for the purposes of the Scheme and of the 1993 Act and regulations made under that Act are such of his rights falling with section 64A(1) of that Act(1) as represent the safeguarded percentage of the rights acquired by him in the Scheme by virtue of the pension credit.
(2) The “safeguarded percentage” is the percentage of the shareable rights by reference to which the amount of the pension credit is determined which are contracted-out rights.
(3) “Contracted-out rights” has the meaning given in section 64A(5) of the 1993 Act.
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