Regulation B5
1. The amount of a policeman’s deferred pension shall be calculated by reference to—
(a)the pensionable service he is entitled to reckon (here referred to as “actual service”);
(b)the pensionable service he would have become entitled to reckon had he continued to serve until he could retire with a maximum ordinary pension (disregarding Regulation B1(2)) or until he could be required to retire on account of age, whichever is the earlier, (here referred to as “hypothetical service”), and
(c)his average pensionable pay.
2. Subject to Parts VII and VIII of this Schedule (reductions at state pensionable age and related to up-rating of widow’s pension), the policeman’s pension shall be such that it is the same proportion of the hypothetical pension mentioned in paragraph 3 as his actual service is of his hypothetical service except that it shall not exceed 40 sixtieths of his average pensionable pay.
3. The hypothetical pension referred to in paragraph 2 is a pension of an amount which is the aggregate of—
(a)an amount equal to a sixtieth of his average pensionable pay multiplied by the period in years of his hypothetical service up to 20 years, and
(b)an amount equal to 2 sixtieths of that pay multiplied by the period in years by which his hypothetical service exceeds 20 years.