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Regulation E6 Amount of retirement lump sum

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

(1)

Subject to paragraph (2) and regulations E7 and E8, the amount of a person’s retirement lump sum is (A×B)+(C×(D+E)), where—

  • A is 1/30th of his average salary,

  • B is his effective reckonable service before 1st October 1956 (except any falling within E),

  • C is 3/80ths of his average salary,

  • D is his effective reckonable service after 30th September 1956 (except any falling within E), and

  • E is any period which he is entitled to count as reckonable service by virtue of regulation D3.

(2)

If—

(a)

the person’s reckonable service includes service before 1st October 1956, and

(b)

his effective reckonable service is restricted by regulation E30(2),

the part of his retirement lump sum that is attributable to service before he attained the age of 60 is not to exceed his average salary multiplied by 1½.