The Iron and Steel (Compensation to Officers and Servants) (No. 2) Regulations 1953

15.—(1) Where a claimant for long term compensation for loss or diminution of emoluments satisfies the Agency or tribunal that he would have continued to work as an officer or servant of the empolying company beyond normal pensionable age if the disturbance leading to the claim had not occurred, the Agency or tribunal may, in their discretion, extend beyond that age the period for which such compensation is payable, but in the case of an extension for a period expressed to be that of the claimant's lifetime, the rate of compensation payable after normal pensionable age shall not exceed one half of that payable before normal pensionable age.

(2) Where a claimant suffers loss or diminution of emoluments after normal pensionable age, the Agency or tribunal may, in their discretion, award him long term compensation for such loss or diminution at the rate which would have been awarded to him had the loss or diminution occurred immediately before normal pensionable age, but upon the basis of his current net emoluments and length of reckonable service at the time when the disturbance leading to the claim occurred, save that, in the case of an award for a period expressed to be that of the claimant's lifetime, the rate of compensation shall not exceed one half of that which would have been so awarded as aforesaid.