590B Section 590: further supplementary provisions.U.K.
(1)For the purposes of section 590(3)(e) the relevant amount, in relation to an employee, shall be found by applying the following formula—
(2)For the purposes of section 590(3)(f) the relevant amount, in relation to an employee, shall be found by applying the following formula—
(3)For the purposes of section 590(3)(g) the relevant amount, in relation to an employee, shall be found by applying the following formula—
(4)For the purposes of section 590(3)(h) the relevant amount, in relation to an employee, shall be found by applying the following formula—
(5)For the purposes of this section A is the aggregate number of years service (expressing parts of a year as a fraction), subject to a maximum of 40, which, in the case of the employee, count for the purposes of the scheme at the time the benefits in respect of service in the employment become payable.
(6)But where the same year (or part of a year) counts for the purposes of the scheme by virtue of more than one of the relevant associated employments it shall be counted only once in calculating the aggregate number of years service for the purposes of subsection (5) above.
(7)For the purposes of this section B is the aggregate number of years service (expressing parts of a year as a fraction), subject to a maximum of 40, which, in the case of the employee, count for the purposes of any of the following—
(a)the scheme, and
(b)the other scheme or schemes with which the scheme is connected in relation to him,
at the time the benefits become payable.
(8)But where the same year (or part of a year) counts for the purposes of more than one scheme it shall be counted only once in calculating the aggregate number of years service for the purpose of subsection (7) above.
(9)For the purposes of this section C is the permitted maximum in relation to the year of assessment in which the benefits in question become payable, that is, the figure found for that year by virtue of subsections (10) and (11) below.
(10)For the years 1988-89 and 1989-90 the figure is £60,000.
(11)For any subsequent year of assessment the figure is the figure found for that year, for the purposes of section 590C, by virtue of section 590C(4) [F1to (5A)].
Textual Amendments
F1Words in s. 590B(11) substituted (27.7.1993 with effect for the year 1994-95 and subsequent years of assessment) by 1993 c. 34, s. 107(6)(8)