Regulation 10 Amendment of regulation E23

in paragraph (1) for “Finance Act 2004” substitute “2004 Act”; and

for paragraph (2) substitute—

“(2)

The lump sum is—

(a)

a sum equal to 5 times the annual rate of the retirement pension and any total incapacity pension; and

(b)

a sum equal to (A-B) times the annual rate of any phased retirement pension where—

(i)

A is 5; and

(ii)

B is the period (in years and fractions of a year) from the date on which the phased retirement pension was first paid until the date of the application (and accordingly if this period is 5 years or more no lump sum is payable in respect of a phased retirement pension).

(3)

Where the teacher is eligible to apply under regulation E8A (lump sum in place of part of pension) he or she is to be treated as applying under that regulation to receive the largest permissible lump sum in place of part of the pension.”.