E8.—(1) Subject to paragraphs (2) and (3) and regulations E9 and E10, the amount of a teacher’s retirement lump sum shall be A × (B + C) where–
A is 3/80ths of the teacher’s pensionable salary;
B is his or her effective reckonable service (except any falling within C); and
C is any period which he or she is entitled to count as reckonable service by virtue of regulation D3.
(2) If the teacher’s effective reckonable service is restricted by regulation E35(2), the part of that teacher’s retirement lump sum that is attributable to service before he or she attained the age of 60 shall not exceed their pensionable salary multiplied by 1.5.
(3) Subject to paragraph (4), where–
(a)a teacher who has become entitled to the payment of retirement benefits by virtue of regulation E6(1)(d) has ceased to be in pensionable or excluded employment on or after 1st September 1997; or
(b)a teacher has become entitled to payment of retirement benefits by virtue of regulation E6(1)(e),
the amount of the teacher’s retirement lump sum shall be the amount calculated in accordance with paragraphs (1) and (2) multiplied by the appropriate factor.
(4) References in regulations E9 and E10 to “retirement benefits” and “retirement lump sum” are references to such benefits as calculated before any actuarial reduction required by paragraph (3).