Short-service annuityE+W+S
77.—(1) This regulation applies where the contributions of a person who has not been in pensionable employment at any time after 5th April 1980 cannot be repaid under regulation 22(2) because the salary on which contributions were payable exceeded £5,000.
(2) A short-service annuity is payable to the person for life from the date of the person's 60th birthday.
(3) The annual rate of the annuity is the actuarial equivalent of the person's contributions (calculated in accordance with regulation 23) as at the date of the person's 60th birthday.