Article F3 Amount payable to pensioners

(1)

Subject to articles F4 (amount payable to “dual mandate” pensioners), F5 (permitted maximum pensions), G1 (commutation), H1 (early retirement) and J1 and J3 (ill health pensions), the annual amount of the pension payable to a person under article F1 or F2 shall be–

\frac{his final salary}{50} \times his aggregate period of reckonable service.

(2)

In paragraph (1) the expression “final salary” refers to the person’s final member’s salary or office holder’s salary, as the case may be, and means–

(a)

in relation to a person whose actual period of reckonable service as a participating member or office holder, as the case may be, was 12 months or more, the amount of his member’s or office holder’s salary, as the case may be, for the last 12 months (whether continuous or not) comprised in that actual period of reckonable service; and

(b)

in relation to a person whose actual period of reckonable service as a participating member or office holder, as the case may be, was less than 12 months, his member’s or office holder’s salary, as the case may be, for the period (whether continuous or not) which constituted that actual period of reckonable service multiplied by 365 and divided by the number of days in that period,

and in either case excludes any amount in excess of the permitted maximum.

(3)

In paragraph (1) the expression “aggregate period of reckonable service” refers to the person’s aggregate period of reckonable service as a participating member or office holder, as the case may be.