Regulation 17 Redundancy payments

This regulation applies to a credited teacher—

If his lump sum compensation payable under regulation 12 would exceed the relevant amount, it is to be reduced by that amount.

If his lump sum compensation payable under regulation 12 would equal the relevant amount, it is not to be paid.

If his lump sum compensation payable under regulation 12 would be less than the relevant amount—

The relevant amount is—

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 6 2/3rds years, and

• C is any amount by which the redundancy payment is reduced under the Redundancy Payments Pensions Regulations 1965^f1.

The reduction mentioned in paragraph (4)(b) is to be calculated from the table below except that, where the material date in relation to that teacher is before 1st December 1996, the reduction is to be calculated from the table in regulation 12(6) of the 1989 Regulations as in force before the amendment made by the Teachers (Compensation for Redundancy and Premature Retirement) (Amendment) Regulations 1996^f2.