If the condition in paragraph (2) is met, the amount of the old service pension for any F1financial year is reduced.

The condition is that the employed pensioner's relevant income for the F2financial year exceeds the employed pensioner's previous earnings.

The amount of the reduction under paragraph (1) is equal to that excess but cannot exceed the enhancement amount.

For the meaning of “relevant income” and “enhancement amount” see regulation 244.

For the meaning of “previous earnings” see regulation 245.

For the purpose of calculating the reduction to be made under paragraph (1) in respect of any part of a financial year, the amount of the member’s previous pay will be reduced proportionately.

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If the member has a guaranteed minimum under section 10 of the 1993 Act in relation to the old service pension, nothing in this regulation requires the reduction of the old service pension below the amount of the member's guaranteed minimum in relation to it.