5.—(1) This paragraph applies if a medical practitioner (M) practising in a partnership also has earnings in respect of HSC employment other than as a partner in the partnership (“HSC earnings”).
(2) The partners may elect that—
(a)M’s pensionable earnings, as determined in accordance with paragraph 4, must be reduced by the amount of M’s HSC earnings; and
(b)the pensionable earnings of each of them (including M) are increased in proportion to their respective share of the partnership profits.