Amount of retirement lump sum
8. For regulation E7 there shall be substituted–
“E7.—(1) Subject to paragraphs (2) and (3) and regulations E8 and E9, the amount of a teacher’s retirement lump sum shall be
where–
A is 3/80ths of the teacher’s pensionable salary,
B is his effective reckonable service (except any falling within C), and
C is any period which he is entitled to count as reckonable service by virtue of regulation D3 (past added years for which additional contributions have been paid).
(2) If the teacher’s effective reckonable service is restricted by regulation E30(2), the part of his retirement lump sum that is attributable to service before he attained the age of 60 shall not exceed his pensionable salary multiplied by 1.5.
(3) Subject to paragraph (4), where a teacher who has become entitled to the payment of retirement benefits by virtue of regulation E5(1)(f) has ceased to be in pensionable employment or in excluded employment on or after 1st September 1997, 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) Paragraph (3) shall not apply where notice to terminate the teacher’s employment was given, or his resignation was tendered, on or before 22nd October 1996.
(5) For the avoidance of doubt, references in regulations E8 and E9 to “retirement allowances” and “retirement lump sum” are references to such benefits as calculated before any actuarial reduction required by paragraph (3).”.