Teachers' Superannuation Regulations (Northern Ireland) 1998

2.—(1) This paragraph applies to a person who at the start of his most recent pensionable employment was entitled in respect of a former employment to material benefits, whether or not they had then become payable.

(2) Material benefits comprise any benefits by way of pension,allowance, lump sum or gratuity whose actuarial equivalent as an annuity for life from the age of 60 would be more than £260 a year.

(3) Where this paragraph applies and the number of years calculated in accordance with sub-paragraph (4) is lower than the number specified against the person’s adjusted age in the Table in paragraph 1(1) that paragraph applies with the substitution of that lower number as “A”.

(4) The number of years is the highest one that secures that

E + F + G does not exceed H,

where—

• E is the actuarial equivalent as an annuity for life from the age of 60 of any material benefits;

• F is the actuarial equivalent as such an annuity of the notional retirement lump sum;

• G is the annual amount of the notional pension; and

• H is two thirds of the notional average salary.

(5) The notional retirement lump sum, pension and average salary—

(a) where the election is made before the person attains the age of 60, are those resulting from the assumptions that he continues in pensionable employment until that age and then becomes entitled to retirement benefits and that the salary scale applicable at the date of the election continues to apply; and

(b) where the election is made after the person has attained the age of 60, are those resulting from the assumptions that he ceased to be in pensionable employment on his 60th birthday and then became entitled to retirement benefits.