Paragraph 9

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

(a)

where the participator first entered employment in reckonable service 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 year of reckonable service up to a maximum of 45 years excluding any years before the participator’s 60th birthday in excess of 40 years; and

(b)

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