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Paragraph 8

Original text. Later amendments are not shown.

If the participator retires on a date later than his 60th birthday, the permitted amount is the greatest of J, K and, where applicable, L, where–

J

is an amount calculated in accordance with paragraph 7 as at that date,

K

is an amount calculated in accordance with paragraph 7 as at his 60th birthday increased, up to that date, either actuarially or in proportion to any increase in the Index, and

L

is, in the case of a participator with more than 40 years of relevant employment, 1/60th of his final remuneration for each of up to 45 years of relevant employment, excluding any years before his 60th birthday in excess of 40.