Regulation 2.12 Maximum benefits for members falling within regulation 2.2(1)(b)
The aggregated retirement benefit shall not exceed the figure equal to the lesser of —
the amount referred to in paragraph (2)(a), (b) or (c) as appropriate; and
the greater of —
2/3rds of the member’s final salary less retained benefits; and
1/60th of the member’s final salary for each year of service up to a maximum of 40 years.
The amount referred to in paragraph (1)(a) shall be —
where the member retires at his normal pension age the amount calculated by applying the appropriate fraction (ascertained in accordance with the following table, into which fractions of a year shall be interpolated in accordance with paragraph (3) below) to his final salary —
| Years of service | Appropriate fraction |
|---|---|
| Year 1 to 5 | 1/60 for each year |
| Year 6 | 8/60 |
| Year 7 | 16/60 |
| Year 8 | 24/60 |
| Year 9 | 32/60 |
| Year 10 or more | 40/60 for each year; |
where the member retires before his normal pension age on the ground of ill-health the amount determined in accordance with paragraph 3(a) which the member could have received had he remained in service until his normal pension age;
where the member leaves the scheme before his normal pension age on any other ground, an amount calculated in accordance with the formula set out in regulation 2.7(2)(c) but as if references in that formula to —
the age of 65 were replaced by references to the member’s normal pension age; and
the Part 1 scheme were replaced by references to the member’s existing scheme.
Where the number of years of service at retirement is less than ten and is not an exact number of years, the interpolation referred to in paragraph (2)(a) shall be effected as follows—
where the number of complete years of service is less than five, 1/365 of a sixtieth for each additional day shall be added to the appropriate fraction;
where the number of complete years of service is five, 3/365 of a sixtieth for each additional day shall be added to the appropriate fraction;
where the number of complete years of service is greater than five, 8/365 of a sixtieth for each additional day shall be added to the appropriate fraction.