OpenLegislation

Regulation E6 Amount of retirement lump sum

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Subject to paragraphs (2) and (3) and regulations E7 and E8, the amount of a person’s retirement lump sum is

A×(B+C)

where—

  • A is 3/80th of the persons average salary,

  • B is his effective reckonable service (except any falling within C), and

  • C is any period which he is entitled to count as reckonable service by virtue of regulation D3 (past period for which additional contributions have been paid).

(2)

If the person’s effective reckonable service is restricted by regulation E32(2) the part of his retirement lump sum that is attributable to service before he attained the age of 60 is not to exceed his average salary multiplied by 1½.

(3)

Subject to paragraph (4), where a person who has become entitled to the payment of retirement benefits by virtue of regulation E4(5) has ceased to be in pensionable employment or excluded employment on or after 1st September 1997, the amount of the person’s retirement lump sum shall be the amount calculated in accordance with paragraphs (1) and (2) multiplied by the appropriate factor.

(4)

Paragraph (3) shall not apply where notice to terminate the person’s employment was given or his resignation tendered on or before 22nd October 1996.