PART 5Retirement benefits for teachers
CHAPTER 3Phased retirement
The reduced annual rate condition90
A person (P) meets the reduced annual rate condition if—
a
P is in one or more eligible employments;
b
the terms of employment change and as a result there is a reduction in the annual rate of P’s pensionable earnings; and
c
the reduced annual rate is not more than 80% of the average annual rate of P’s pensionable earnings for the 6 months of pensionable service immediately before the reduction.