11.—(1) If the participator retires and is entitled to receive retirement benefits by virtue of regulation 48A of the Principal Regulations(1), the permitted amount is—
(a)where the participator first entered employment in reckonable service before 1st June 1989, the greater of S and
and
(b)in any other case, T, where—
N, P and Q have the same respective meanings as in paragraph 10;
S is 1/60th of the participator’s final remuneration for each year of reckonable service up to a maximum of 40 years; and
T is the lesser of the amounts calculated in accordance with paragraph 8(2)(a)(ii) and (2)(b).
(1)
Regulation 48A was inserted by S.R. 1978 No. 147 and amended by S.R. 1978 No. 351 and S.R. 1981 No. 151