{
  "url": "https://openlegislation.uk/iron-and-steel-compensation-to-employees-regulations-1968/regulation-12",
  "json_url": "https://openlegislation.uk/iron-and-steel-compensation-to-employees-regulations-1968/regulation-12.json",
  "legislation": "uksi/1968/1170",
  "legislation_title": "The Iron and Steel (Compensation to Employees) Regulations 1968",
  "legislation_url": "https://openlegislation.uk/iron-and-steel-compensation-to-employees-regulations-1968",
  "path": "regulation/12",
  "kind": "regulation",
  "number": "12",
  "heading": "Amount of long-term compensation payable for loss of emoluments",
  "text": "(1) Subject to the provisions of these regulations, long-term compensation for loss of emoluments shall consist of an annual sum payable until the normal retiring age or death of a person to whom it is payable, whichever first occurs, and shall be the amount of the annual loss of emoluments which he has suffered assessed in accordance with regulation 11, not, however, exceeding the maximum annual sum provided for in the following provisions of this regulation.\n(2) The said maximum annual sum shall, subject as hereinafter provided, be the aggregate of the following sums:—\n(a) for every year of the person's reckonable service, one sixtieth of the annual loss of emoluments so assessed; and\n(b) in the case of a person who has reached the age of 40 years at the date of the loss, a sum calculated in accordance with the provisions of paragraph (3) appropriate to his age at that date:\nProvided that the said maximum annual sum shall in no case exceed two thirds of the annual loss of emoluments so assessed.\n(3) The sum referred to in paragraph (2)(b) shall be:—\n(a) in the case of a person who has reached the age of 40 years but has not reached the age of 50 years at the date of the loss, the following fraction of the annual loss of emoluments so assessed—\n(i) where his reckonable service is less than 10 years, one sixtieth for each year of such service after reaching the age of 40 years; or\n(ii) where his reckonable service amounts to 10 years but is less than 15 years, one sixtieth for each year of such service after reaching the age of 40 years and one additional sixtieth; or\n(iii) where his reckonable service amounts to 15 years but is less than 20 years, one sixtieth for each year of such service after reaching the age of 40 years and two additional sixtieths; or\n(iv) where his reckonable service amounts to 20 years or more, one sixtieth for each year of such service after reaching the age of 40 years and three additional sixtieths,\nbut the sum so calculated shall not in any case exceed one sixth of the annual loss of emoluments so assessed;\n(b) in the case of a person who has reached the age of 50 years but has not reached the age of 60 years at the date of the loss, one sixtieth of the annual loss of emoluments so assessed for each year of his reckonable service after reaching the age of 40 years, up to a maximum of 15 such years; and\n(c) in the case of a person who has reached the age of 60 years at the date of the loss, one sixtieth of the annual loss of emoluments so assessed for each year of his reckonable service after reaching the age of 45 years.\n(4) Long-term compensation determined under this regulation shall be payable to a person by instalments at intervals equivalent to those at which the emoluments of his employment were previously paid or at such intervals as may be agreed between the person and the Corporation.\n(5) Long-term compensation payable in respect of a period for which resettlement compensation is also payable shall be reduced by the amount of that resettlement compensation.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1968/1170/regulation/12",
    "retrieved_at": "2026-10-29T23:21:37.705336+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}