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27. In regulation 48, for paragraph (1) substitute–
“(1) If the aggregate of the annual rate of the retirement pension and the actuarial equivalent as an annual pension of any retirement grant payable under these Regulations which a member is entitled to be paid is not more than £260 or such higher sum as may be prescribed from time to time by regulations made under section 21(1) of the Pensions Schemes Act 1993(1), the appropriate administering authority may pay him a lump sum representing the capital value of the pension.”.
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