The Iron and Steel (Compensation to Employees) Regulations 1968

Retirement compensation payable to a person who obtains further pensionable employment

22.  Where a pensionable officer to whom these regulations apply, after the date on which a loss or diminution of pension rights was occasioned in consequence of a relevant event, enters employment other than that in which he suffered that loss or diminution and for the purpose of a pension scheme associated with that new employment there falls to be taken into account any period of service which also falls to be taken into account as being service reckonable under the last relevant pension scheme for the purpose of assessing any retirement compensation payable to him, then:—

(a) subject as is in this regulation stated, the foregoing provisions of this Part of these regulations shall apply to him as if he had suffered a diminution in pension rights occasioned by an annual diminution of emoluments as a pensionable officer to whom these regulations apply which is equivalent to the amount by which his net annual emoluments, as they were immediately before the date on which the loss or diminution of pension rights in respect of which retirement compensation is payable was occasioned, exceed his net annual emoluments in his new employment immediately after entering that employment; and

(b) if his claim to retirement compensation is for diminution of pension rights by reason of his emoluments having diminished, the retirement compensation payable shall not exceed the retirement compensation which would have been payable if he had not entered new employment.