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5.—(1) Subject to paragraph (2), the amount of severance payment shall be determined by the existing council.
(2) The amount of severance payment shall be the lesser of—
(a)the sum of—
(i)£1,000 per year for each year of reckonable service in the calculation period 1973 to 1998, plus
(ii)£600 per year for each year of reckonable service in the calculation period 1998 to 2015; or
(b)£35,000.
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