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Its a pulley that can phase/shift the cam timing on the inlet pulley via the means of a solenoid on the top of the rocker cover, to aid low revs drivability (VVT)
If your having the belts changed its the ideal time to change it, as the pulleys have to be slackened off to do the timing belt procedure anyway..
Its around £120 for a new dephaser pulley at the moment I think