Regulation 9 Modification of paragraph 5(3) and (4) of the Schedule

(1)

In the circumstances prescribed in paragraph (2) below, paragraphs 5(3) and (4) of the Schedule shall apply with the modifications prescribed in paragraph (3) below.

(2)

The circumstances prescribed in this paragraph are circumstances where the relevant annual remuneration of an employee within paragraph 5(3)(b) of the Schedule exceeds the permitted maximum.

(3)

The modifications prescribed in this paragraph are that —

(a)

at the end of paragraph 5(3) of the Schedule there shall be added the words —

“or, in the case of an employee within paragraph (b), the permitted maximum if greater”; and

(b)

in paragraph 5(4) of the Schedule —

(i)

for the word “higher” there shall be substituted “highest”,

(ii)

at the end of paragraph (a) the word “and” shall be omitted, and

(iii)

at the end of paragraph (b) there shall be inserted the words “and, (c) the permitted maximum”.