70.—(1) Where an active member who has attained the age of 55 (normal pension age) is dismissed from a scheme employment by reason of business efficiency or whose employment is terminated by mutual consent on the grounds of business efficiency and the Board makes the determination in paragraph (2), that member’s pension is calculated in accordance with regulation 68 (annual rate of retirement pension (active members)).
(2) The Board may only pay a retirement pension of the amount mentioned in paragraph (1) in the circumstances mentioned in that paragraph where it determines that a retirement pension awarded on that basis would assist the economical, effective and efficient management of its functions having taken account of the costs likely to be incurred in the particular case.