Regulation 3.H.3 Reduction of pensionF1

If the condition in paragraph (2) is met, the amount of the old service pension for any F2financial year is reduced.

The condition is that the employed pensioner’s relevant income for the F3financial year exceeds the employed pensioner’s previous pay.

The amount of the reduction under paragraph (1) is equal to that excess but cannot exceed the enhancement amount.

For the meaning of “relevant income” and “enhancement amount” see regulation 3.H.4.

For the meaning of “previous earnings” see regulation 3.H.5.

For the purpose of calculating the reduction to be made under paragraph (1) in respect of any part of a financial year, the amount of the member’s previous pay will be reduced proportionately.

If the member has a guaranteed minimum under section 14 of the 1993 Act in relation to the old service pension, nothing in this regulation requires the reduction of the old service pension below the amount of the member’s guaranteed minimum in relation to it.