Paragraph 12

In paragraph 2, for sub-paragraph (5) substitute–

“(5)

The aggregate pension payable to a member who has elected under regulation 8 to leave the Scheme but remains in local government employment is the greater of–

(a)

one sixtieth of the member’s final remuneration multiplied by his years of service prior to leaving the Scheme or 40 years if less; and

(b)

the maximum pension that could have been payable at NRD under sub-paragraph (3) or (3A) multiplied by the fraction of which

(i)

the numerator is the member’s years of service prior to leaving the scheme or 40 years if less, and

(ii)

the denominator is his total period of membership assuming he had remained an active member until his NRD or 40 years if less.

• This amount may be increased by 5 per cent. for each complete year, or in line with any increase in the retail prices index if greater, between the relevant date and the date on which the pension becomes payable.”.