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1.—(1) A pension credit member is entitled to a pension for life which becomes payable—
(a)when he attains the age of 65, or
(b)if it is later, when the pension sharing order under which he is entitled to the pension credit takes effect.
(2) The pension must be of such an amount that its actuarial value is equal to the member’s pension credit, as calculated from tables prepared by the Scheme Actuary and in accordance with regulations made under paragraph 5(b) of Schedule 5 to the 1999 Act.
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