Regulation 13 Actuarial reduction of lump sum on early retirement

in paragraph (1) for “paragraph (2)” there shall be substituted “paragraphs (2) and (3)”; and

there shall be added at the end the following paragraphs:–

“(3)

Where this paragraph applies the amount of a teacher’s retirement lump sum shall be the amount, calculated in accordance with the foregoing provisions of this regulation, of the lump sum to which he would be entitled apart from this paragraph multiplied by the appropriate factor.

(4)

(a)

Subject to sub-paragraph (b), paragraph (3) applies where a teacher is entitled to payment of retiring allowances under regulation E5(1)(f) and ceased to be in pensionable employment or in excluded employment on or after 1st September 1997;

(b)

paragraph (3) shall not apply where notice to terminate the teacher’s employment was given or his resignation was tendered on or before 22nd October 1996.

(5)

For the avoidance of doubt, references in regulations E8 and E9 to “retirement allowances” and “retirement lump sum” are references to such benefits as calculated before any actuarial reduction required by paragraph (3).”.