Paragraph 20 Maximum amount of increased pensionI1

Where an election has previously been made in relation to a person (whether by the person under regulation C2A(1), or by the person’s employer under regulation C2A(2)) the maximum amount of increased retirement pension is the amount specified in paragraph 18, or, as the case may be, paragraph 19, less the aggregate of the amounts of increased retirement pensions, multiplied by the factor specified in paragraph 21, specified in previous elections.