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18.—(1) The annual rate of a dependant’s pension under these Regulations, or where more than one such pension is payable, the total of their annual rates, must not be such as to cause the total of the annual rates of the relevant benefits to exceed the permitted amount.
(2) Where only one dependant’s pension is payable, the relevant benefits are—
(a)that pension; and
(b)any similar pension payable to the dependant under the Pension Scheme Regulations or under a free-standing additional voluntary contributions scheme to which contributions were paid while the participator was in pensionable employment,
and the permitted amount is 2/3rds of the maximum retirement pension.
(3) Subject to sub-paragraph (4), where two or more dependants' pensions are payable, the relevant benefits are—
(a)those pensions; and
(b)any similar pensions payable as mentioned in sub-paragraph (2)(b),
and the permitted amount is the annual rate of the maximum retirement pension.
(4) The relevant benefits payable in respect of any one dependant shall not exceed the permitted amount calculated in accordance with sub-paragraph (2).
(5) Subject to sub-paragraph (6), the maximum retirement pension is the permitted amount calculated in accordance with paragraphs 12 to 17 in relation to the participator, but disregarding any retained benefits.
(6) The maximum retirement pension is to be calculated on the assumption that—
(a)where the participator died in pensionable employment and had not attained the age of 60, he continued in pensionable employment and was in receipt of the same level of salary which he was receiving at the time of his death up to, and retired on, his 60th birthday; and
(b)where the participator died in pensionable employment and had attained the age of 60, he retired on the day before his death.
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