PART IIILONG TERM COMPENSATION FOR LOSS OF EMPLOYMENT OR LOSS OR DIMINUTION OF EMOLUMENTS OR PENSION RIGHTS

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Award and payment of long term compensation for loss of emoluments shall be made in accordance with the following provisions:—

a

the compensation shall consist of an annual sum which shall be payable at intervals equivalent to those at which the emoluments of the claimant's employment were previously paid, and shall, subject to Regulation 20, continue to be payable until normal pensionable age; and

b

the said annual sum shall not exceed the aggregate of the following:—

i

for every completed year of reckonable service, one sixtieth of the claimant's current net emoluments, and

ii

in the case of a claimant aged over 45, one sixtieth of his current net emoluments for every completed year of reckonable service since he attained the age of 45:

Provided that such annual sum shall in no circumstances exceed two thirds of the claimant's current net emoluments.