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Paragraph 3

Original text. Later amendments are not shown.

But a member to whom paragraph 2 of this Schedule applies shall have his retirement benefits reduced in accordance with regulation 31(4) of the principal Regulations (as amended by regulation 5 of these Regulations) except in accordance with paragraphs 4 and 5 of this Schedule.4. Where a member to whom paragraph 2 of this Schedule applies—

(a)

elects to receive the immediate payment of retirement benefits under regulation 31(1) of the principal Regulations; and

(b)

satisfies the 85 year rule,

that part of his retirement pension and grant which is calculated by reference to any period of membership prior to the relevant date shall not be reduced in accordance with regulation 31(4) of the principal Regulations (as amended by regulation 5 of these Regulations).