SCHEDULEBenefit Limits
Part IIRetirement Pensions
10.—(1) If the participator retires on his 60th birthday, having at a date before that birthday ceased to be employed in reckonable service—
(a)where the participator first entered employment in reckonable service before 1st June 1989, the permitted amount is the greater of
where—
M is 1/60th of the participator’s final remuneration for each year of reckonable service up to a maximum of 40 years;
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 the participator had continued in employment in reckonable service up to his 60th birthday;
Q is the maximum amount calculated in accordance with paragraph 8 if the participator had continued in employment in reckonable service up to his 60th birthday;
R is the appropriate increase; and
(b)where the participator first entered employment in reckonable service after 31st May 1989, the permitted amount is the lesser of the amounts calculated in accordance with paragraph 8(2)(a)(ii) and (2)(b).
(2) For the purposes of sub-paragraph (1) the appropriate increase is an increase in the amount in question in proportion to any increase in the Index from the cessation of employment in reckonable service to the date of payment of retirement benefits.