4.—(1) Subject to sub-paragraph (2), the aggregate pensions payable on retirement at normal retirement date must not exceed the lesser of –
(a)for Class B members, one thirtieth of the member’s final remuneration multiplied by his years of service, or 20 years if less;
(b)for Class C members with less than 10 years service, the member’s final remuneration multiplied by the fraction specified below –
| 1 to 5 years | 1/60th for each year |
| 6 years | 8/60ths |
| 7 years | 16/60ths |
| 8 years | 24/60ths |
| 9 years | 32/60ths |
(c)two thirds of the member’s final remuneration less the value of any retained rights.
(2) But if it results in a higher sum than the maximum under sub-paragraph (1), the maximum aggregate pension on retirement at his normal retirement date is one sixtieth of the member’s final remuneration multiplied by his years of service or 40 years if less.
(3) But for a pension payable under regulation 29 the limit is the maximum pension payable under sub-paragraph (1) or (2), multiplied by the years of service the member would have had if he had continued as an active member until his normal retirement date.
(4) For a pension payable under regulation 28 or 33, if it results in a higher sum, for the maximum under sub-paragraph (2) there is substituted an amount equal to the amount that would be the maximum under sub-paragraph (2) if the member had remained an active member until his normal retirement date, multiplied by the fraction of which –
(a)the numerator is –
(i)his years of service, or
(ii)40 years,
whichever is less, and
(b)the denominator is –
(i)his years of service, assuming he had remained an active member until his normal retirement date, or
(ii)40 years,
whichever is less.
This amount may be increased by 5 per cent. for each complete year, or in line with any increases in the retail prices index if greater, between the relevant date and the date on which the pension becomes payable.
(5) The aggregate pension payable on retirement after the member’s normal retirement date must not exceed –
(a)the amount payable under sub-paragraph (1) or (2) on the basis the actual retirement date was the member’s normal retirement date;
(b)the amount that could have been payable under sub-paragraph (1) or (2) on retirement at normal retirement date –
(i)with such an increase as an actuary appointed by the Committee considers appropriate in view of the period of delay in payment between his normal retirement date and the actual date the pension becomes payable, or
(ii)adjusted to reflect any increase in the general level of retail prices in Great Britain during that period;
(c)one sixtieth of the member’s final remuneration, multiplied by his increased period of membership,
whichever is the greatest.
(6) For sub-paragraphs (1) to (5) a member who is entitled to be paid a lump sum on retirement is treated as if he were entitled instead to be paid a pension on retirement of an annual amount equal to one twelfth of the lump sum.
(7) A member’s increased period of membership is the sum of –
(a)his total membership ending with his normal retirement date; and
(b)his total membership after his normal retirement date,
but must not exceed 45 years.
(8) The aggregate pension in respect of local government employment for a surviving spouse or eligible child of a member (other than a pension provided by surrender of the member’s own pension under regulation 36) payable or prospectively payable to that surviving spouse or eligible child shall not exceed –
(a)in the case of an active or deferred member, an amount equal to two thirds of the amount which would be payable under sub-paragraph (3), ignoring any retained rights, if the member had retired in circumstances entitling him to an ill-health pension and grant under regulation 29 on the date of his death; and
(b)in the case of a pensioner member, an amount equal to two thirds of the amount payable at the date of death under sub-paragraph (1), (2), (3), (4) or (5) ignoring any retained rights and increased in line with any subsequent increase in the retail prices index.
(9) If pensions are payable to more than one of the member’s surviving spouse and eligible children, the aggregate of all such pensions shall not exceed –
(a)on the death of an active member or deferred member the amount payable under sub-paragraph (3); and
(b)on the death of a pensioner member, the amount payable under sub-paragraph (1), (2), (3), (4) or (5).