Paragraph 10

After paragraph 2(3) insert–

“(3A)

Subject to sub-paragraph (3), the aggregate pension payable on retirement must not exceed the lesser of–

(a)

one thirtieth of the member’s final remuneration multiplied by the member’s years of service or 20 years if less; and

(b)

two-thirds of the member’s final remuneration less the value of any retained rights.”.