Paragraph 10

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

Sch. para.8 amended by Teachers' Superannuation (Additional Voluntary Contributions) 2000 reg.7(1)
Sch. para.SA added by Teachers' Superannuation (Additional Voluntary Contributions) 2000 reg.7(2)
Sch. para. 3 words substituted by Teachers' Pensions 1997 reg. H11(11)
Sch. para. 4(1) words substituted by Teachers' Pensions 1997 reg. H11(11)
Sch. para. 5(2) words substituted by Teachers' Pensions 1997 reg. H11(12)
Sch. para. 11(1) words substituted by Teachers' Pensions 1997 reg. H11(13)
Sch. para. 12 words substituted by Teachers' Pensions 1997 reg. H11(14)

(1)

If the participator retires on his 60th birthday, having at a date before that birthday ceased to be in pensionable employment—

(a)

where the participator first entered pensionable employment before 1st June 1989, the permitted amount is the greater of (M+R) and

(\frac{N \times Q}{P} + R) and

where—

M is 1/60th of the participator’s final remuneration for each of up to 40 years of reckonable service,
N is the number of years on which M is calculated,
P is the number of years on which M would have been calculated if the participator had continued in pensionable employment up to his 60th birthday,
Q is the maximum amount calculated in accordance with paragraph 8 if the participator had continued in pensionable employment until age 60,
R is the appropriate increase, and

(b)

where the participator first entered pensionable employment after 31st May 1989, the permitted amount is the lesser of the amounts calculated in accordance with paragraph 8(2)(a)(ii) and (2)(b).

(2)

For the purposes of sub-paragraph (1) the appropriate increase is an increase in the amount in question in proportion to any increase in the Index from the cessation of pensionable employment to the date of payment of retirement benefits.