123.—(1) If it appears to the Department that the condition in regulation 117(2) will be met in any scheme year in respect of the old service pension for that year, the Department may reduce the amount of that pension paid at any time in the scheme year.
(2) Where the old service pension for a scheme year is being reduced under this Chapter, the Department must review the amount of the reduction—
(a)at the end of the scheme year, and
(b)at any time during the scheme year if it appears to the Department that—
(i)the amount of the reduction made for the year is or may become incorrect, or
(ii)no reduction should be made.
(3) If at any time during the scheme year it so appears the Department must make such adjustments, whether by altering the amount of the reduction or by repaying to the employed pensioner any amount that should not have been deducted from the pension, as appear to the Department to be required.
(4) If at the end of the scheme year it is apparent that—
(a)the reduction in the old service pension for the year was excessive, or
(b)no such reduction should have been made,
the Department must repay the amount due to the employed pensioner.
(5) If at the end of the scheme year it is apparent that the old service pension paid for the year exceeded the amount due because the reduction in the old service pension required under regulation 117 was not made, the employed pensioner must repay the excess to the Department.
(6) Paragraph (5) does not affect the Department's right to recover a payment or overpayment in any case where the Department considers it appropriate to do so.