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1.—(1) A declaration is to specify—
(a)the part of the retirement pension allocated, and
(b)which alternative benefit it is to provide.
(2) The part allocated, which is to be expressed as a whole number of pounds, must not exceed the lower of—
(a)1/3rd of the annual rate of the retirement pension, disregarding any actuarial reduction required by regulation E5(5) and any National Insurance modification under Schedule 10, and
(b)the amount that would result in the reduction of that rate to less than the rate of, as the case may be, the annuity mentioned in regulation E11(2)(a) or the subsequent annuity mentioned in regulation E11(2)(b),
and must not be such as to affect any equivalent pension benefits.
(3) The part allocated must not be such as to cause the retirement pension payable to be less than the guaranteed minimum in relation to employment up to 6th April 1997.
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