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I've just checked, there are indeed now two age groups, 35 to 40, and 40 and over.
In reality, I don't think this will be strictly enforced provided the slightly younger members of the team play within the spirit of G Oldies. It is probably a division imposed if a team is PREDOMINANTLY younger so as to make the competition more even.
I've even seen teenagers make up the numbers where there have been insufficient old farts.