Overall limit on extra pension
61.—(1) The scheme manager must not accept an election under regulation 55 from a member (M) in so far as the effect of accepting the election would be to provide M with one or more additional pensions which exceeds or in aggregate exceed the overall limit.
(2) The overall limit is—
(a)£6,500 for a scheme year ending before 1st April 2016;
(b)for a scheme year beginning on or after that date—
(i)the overall limit of extra pension determined by the Treasury in respect of that Scheme year as published before the start of that scheme year; or
(ii)if no such determination is made, the amount calculated under paragraph (3).
(3) The amount is the amount to which the annual rate of a pension of an amount equal to the overall limit of extra pension for the previous scheme year would have been increased under the Pensions (Increase) Act 1971 if—
(a)that pension were eligible to be so increased; and
(b)the beginning date for that pension were the first day of the previous scheme year.
(4) In determining the value of an extra pension for the purposes of paragraph (1) the scheme manager must include the value by reference to an annual pension of any actuarial reduction buy-out election having effect in relation to M.
(5) A valuation for the purposes of paragraph (4) must have regard to the advice of the scheme actuary.