Paragraph 9

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)

If the participator retires on a date later than his 60th birthday, the permitted amount is—

(a)

where the participator first entered pensionable employment before 1st June 1989, the greater of J, K and, where applicable, L, where—

J is an amount calculated in accordance with paragraph 8 as at that date,
K is an amount calculated in accordance with paragraph 8 as at the participator’s 60th birthday increased, up to the date of his retirement, in proportion to any increase in the Index during that period, and
L is, in the case of a participator with more than 40 years of reckonable service, 1/60th of the participator’s final remuneration for each of up to a maximum of 45 years of reckonable service, excluding any years before the participator’s 60th birthday in excess of 40, and

(b)

in any other case, the lesser of the amounts calculated in accordance with paragraph 8(2)(a)(ii) and (2)(b).