(1) Where a valid application has been made the transfer amount pursuant to section 12 (5) of the Act of 1995 or section 17 (5) of the Act of 1996 shall be applied in accordance with this article.
(2) Where the transfer amount is applied pursuant to paragraph (i) of section 12 (5) of the Act of 1995 or paragraph (i) of section 17 (5) of the Act of 1996, the trustees of the pension scheme of which the member spouse is a member shall ensure that:
(a) the benefit or benefits to be provided to, or in respect of, the non member spouse are of an actuarial value equivalent to the transfer amount;
(b) the benefit or benefits are in such form as the trustees and the non member spouse agree provided that such benefits conform to any requirements of the Revenue Commissioners;
(c) the non member spouse is informed in writing of the benefits to be provided as soon as practicable after the transfer amount has been applied.
(3) Where the transfer amount is applied pursuant to paragraph (ii) (1) of se
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