Regulation 27 Redundancy paymentsI1

England and Wales

(1)

This regulation applies to a credited teacher (C) where—

(a)

C’s credited period exceeds 6 2/3rds years; and

(b)

C has received, or is to receive, compensation under regulation 6 in respect of the cessation of C’s former employment.

(2)

If C’s lump sum compensation payable under regulation 20 would exceed the relevant amount, it is to be reduced by the relevant amount.

(3)

If C’s lump sum compensation payable under regulation 20 would equal the relevant amount, it is not to be paid.

(4)

If C’s lump sum compensation payable under regulation 20 would be less than the relevant amount—

(a)

it is not to be paid; and

(b)

the rate of C’s annual compensation payable under regulation 19 is to be determined by the scheme manager on advice from the scheme actuary.

(5)

The relevant amount is—

(3 \times A / 10) \times B

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.

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