Discretionary compensation for certain persons with 2 or more but less than 5 years' service
7.—(1) This regulation applies to a person to whom this Part applies and who at the material date—
(a)has attained the age of 50 years; and
(b)is entitled to count reckonable service and qualifying service amounting in aggregate to 2 or more but less than 5 years.
(2) The compensation which a relevant body may determine to pay under regulation 5(b) shall be the aggregate of—
(a)a sum equivalent to one and one half weeks' remuneration for each complete year of reckonable service after the attainment of age 18;
(b)a sum equivalent to two and one half weeks' remuneration for each complete year of reckonable service after the attainment of 41; and
(c)a sum equivalent to one half week’s remuneration.
(3) No compensation prescribed in this regulation, or in regulation 9 in respect of a person to whom this regulation applies, shall be paid unless—
(a)the person gives written consent to such payment after receipt of the written notification referred to in regulation 11; and
(b)the person waives in writing his right to the immediate payment of benefit under regulation E2(1)(b)(iii) of the Superannuation Regulations.