- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
9.—(1) If the participator retires after having, before his relevant birthday, ceased to be in relevant service, the permitted amount is the greater of (M + R) and—
where—
M is 1/60th of his final remuneration for each of up to 40 years of relevant service,
N is the number of years on which M is calculated,
P is the number of years on which M would have been calculated if he had continued in relevant service up to his relevant birthday,
Q is an amount calculated in accordance with paragraph 7 as at his relevant birthday, and
R is the appropriate increase.
(2) For the purposes of sub-paragraph (1) the appropriate increase is an increase in the amount in question, either—
(a)in proportion to any increase in the Index, or
(b)if greater, at 5 per cent compound,
from the cessation of relevant service to the date of retirement.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: