Paragraph 10

If the participator retires by reason that his pensionable employment was terminated on the grounds of redundancy or in the interests of the efficient exercise of the employer’s functions and the participator immediately became entitled to payment of retiring allowances under the 1992 Regulations, the permitted amount is—

(a)

where the participator first entered pensionable employment before 1st June 1989, the greater of S and

(\frac{N \times Q}{P})

and

(b)

in any other case, T, where—

N, P and Q have the same meaning as in paragraph 9,
S is 1/60th of the participator’s final remuneration for each of his years of reckonable service up to a maximum of 40, and
T is the lesser of the amounts calculated in accordance with paragraph 7(2)(a)(ii) and (2)(b).