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Teachers' Superannuation (Additional Voluntary Contributions) Regulations (Northern Ireland) 1996

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8.—(1) If the participator retires on his 60th birthday, except where paragraph 10 applies, the permitted amount is the greater of E and F, where—

  • E is 1/60th of the participator’s final remuneration for each year of reckonable service up to a maximum of 40 years; and

  • F is the lesser of G and H.

(2) In sub-paragraph (1)—

(a)G is—

(i)in relation to a participator who entered employment in reckonable service before 17th March 1987, the fraction of final remuneration ascertained by reference to the number of years of reckonable service at age 60, from the following Table—

TABLE

Years of employment in reckonable service at age 60Fraction
not more than 51/60th for each year
68/60ths
716/60ths
824/60ths
932/60ths
10 or more40/60ths

and

(ii)in any other case, 1/30th of the participator’s final remuneration for each year of reckonable service up to a maximum of 20 years; and

(a)H is 2/3rds of the participator’s final remuneration less any retained benefits.

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