Where a member1 has acquired a right to a cash equivalent2 but has not exercised the option conferred as to how to take that right3 and the member's accrued rights have been transferred to another scheme without that member's consent, the statutory provisions relating to transfer values4 have effect as if the member's right to a cash equivalent of the benefits in respect of which a transfer or transfer payment has been made existed in relation to the receiving scheme instead of the transferring scheme5.
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