SCHEDULE 2BENEFIT LIMITS
PART IIretirement pensions
6. The annual rate of a participator’s retirement pension under these Regulations must not be such as to cause his total retirement benefits to exceed the permitted amount.
7.—(1) If the participator retires on his relevant birthday, the permitted amount is the greater of E and F, where—
E is 1/60th of his final remuneration for each of up to 40 years of relevant service, and
F is the lesser of G and H.
(2) In sub-paragraph (1)—
G is 1/30th of his final remuneration for each of up to 20 years of relevant service, and
H is 2/3rds of his final remuneration less any retained benefits.
8. If the participator retires on a date later than his relevant birthday, the permitted amount is the greatest of J, K and, where applicable, L, where—
J is an amount calculated in accordance with paragraph 7 as at the later date,
K is an amount calculated in accordance with paragraph 7 as at his relevant birthday increased, up to the later date, either actuarially or in proportion to any increase in the Index, and
L is, in the case of a participator with more than 40 years of relevant service, 1/60th of his final remuneration for each of up to 45 years of relevant service, excluding any years before his relevant birthday in excess of 40.
9.—(1) If the participator retires after having, before his relevant birthday, ceased to be in relevant service, the permitted amount is the greater of (M + R) and—
where—
M is 1/60th of his final remuneration for each of up to 40 years of relevant service,
N is the number of years on which M is calculated,
P is the number of years on which M would have been calculated if he had continued in relevant service up to his relevant birthday,
Q is an amount calculated in accordance with paragraph 7 as at his relevant birthday, and
R is the appropriate increase.
(2) For the purposes of sub-paragraph (1) the appropriate increase is an increase in the amount in question, either—
(a)in proportion to any increase in the Index, or
(b)if greater, at 5 per cent compound,
from the cessation of relevant service to the date of retirement.