Regulation 12 Redundancy payments

(1)

This regulation applies to a credited teacher–

(a)

whose credited period exceeds 6⅔rds years, and

(b)

who has received, or is entitled to receive, a redundancy payment in respect of the cessation of his former employment.

(2)

If his lump sum compensation would exceed the relevant amount, it is to be reduced by that amount.

(3)

If his lump sum compensation would equal the relevant amount, it is not to be paid.

(4)

If his lump sum compensation would be less than the relevant amount–

(a)

it is not to be paid, and

(b)

the rate of his annual compensation is to be reduced in accordance with paragraph (6).

(5)

The relevant amount is–

(\frac{3 \times A}{10} \times B) - C

where–

A is the amount of the redundancy payment,
B is the length of time, expressed in years and any fraction of a year, by which the credited period exceeds 6⅔rds years, and
C is any amount by which the redundancy payment is reduced under the Redundancy Payments Pensions Regulations 1965^f1.

(6)

The reduction mentioned in paragraph (4)(b) is to be calculated from the Table below.

TABLE

Age last birthday	Amount of reduction per £100 of difference between lump sum compensation and relevant amount
	Men	Women
50	6.26	5.43
51	6.36	5.48
52	6.47	5.55
53	6.61	5.64
54	6.77	5.75
55	6.96	5.87
56	7.17	6.01
57	7.40	6.16
58	7.64	6.32
59	7.89	6.49
60	8.15	6.67
61	8.43	6.87
62	8.73	7.08
63	9.05	7.32
64	9.39	7.58

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