Employed pensioners with more than one pensionN.I.
122.—(1) This regulation provides for the application of this Chapter where a person is entitled to more than one old service pension falling within regulation 115(1)(c) in any scheme year.
(2) In regulation 117—
(a)for paragraphs (1) and (2) substitute—
“(1) If the condition in paragraph (2) is met, the amount of the old service pensions for any scheme year is reduced.
(2) The condition is that the employed pensioner's relevant income for the scheme year exceeds the employed pensioner's previous pay for all the old employments.
(2A) The amount of the reduction under paragraph (1) in the case of each of the pensions is equal to the same proportion of that excess as the amount of the pension for the scheme year before the reduction, bears to the sum of the pensions for that year before the reduction”.
(3) In regulation 118(1)(b) for “the old service pension” there shall be substituted “ all the old service pensions ”.
(4) Regulation 123 applies as if references to the old service pensions were references to all those pensions.