119.—(1) The amount of a short-service serious ill-health grant is the greater of—
(a)1/6th of the member’s annual rate of pensionable earnings as at the last day of pensionable service; and
(b)the total of the amounts specified in paragraph (2).
(2) The amounts are—
(a)all members’ contributions, additional pension contributions, buy-out contributions and faster accrual contributions paid up to the date of receipt of the application under regulation 116, except any paid in respect of a period of pensionable service for which a short-service serious ill-health grant has been paid; and
(b)interest on those contributions from the first day of the financial year following that in which they were paid to the date of payment at 3% per year, compounded with yearly rests.