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4.—(1) Compensation is payable in accordance with this paragraph where the transferee attains pension compensation age before or on the transfer day.
(2) The transferee is entitled to periodic compensation commencing on the transfer day and continuing for life.
(3) The annual rate of the periodic compensation is the aggregate of—
(a)the initial annual rate of compensation, and
(b)any increases under paragraph 17 (annual increases in periodic compensation).
(4) This paragraph is subject to paragraph 18 (compensation cap).