47.—(1) Regulation 85 (Amount of lump sum; dual capacity members; members with pensions under regulation 49) is amended as provided by paragraphs (2) and (3).
(2) At the end of paragraph (2) insert (as full out words), “In the case of a 2008 Section Optant, this is subject to regulation 136W.”.
(3) For paragraph (4) substitute—
“(4) The aggregate lump sum cap is equal to twice the appropriate fraction of the reckonable pay by reference to which the pension to which the member became entitled on last exercising the option under regulation 49 was calculated, less the total of any lump sums paid to the member—
(a)in exchange for pensions under regulation 49 as a result of the member exercising the option under regulation 58; and
(b)in the case of a 2008 Section Optant, the lump sum paid to that Optant under regulation 136L.”.