PART IV ADJUSTMENTS

15 New employment
1 References in this regulation to regulation E14 are references to regulation E14 of the Superannuation Regulations.
2 This regulation applies while a credited teacher is in employment falling within regulation E14(1)(a) or (b) (“new employment”); but if he is concurrently both in employment falling within regulation E14(1)(a) and in other new employment it applies only in respect of the former.
3 Where this regulation applies in respect of employment falling within regulation E14(1)(a)–
(a) while the assumed retirement pension would fall to be reduced under regulation E14(3), no annual compensation is to be paid, and
(b) while sub-paragraph (a) does not apply, the rate of his annual compensation is to be reduced by the exess (if any) of (A + G + H) over (C + D − E), where A, C, D and E are the same as in regulation E14(3) and–
G is the full annual rate of his annual compensation, and
H is the annual rate of the assumed retirement pension.
4 Where this regulation applies in respect of employment falling within regulation E14(1)(b)–
(a) for any pension quarter in which the assumed retirement pension would fall to be reduced under regulation E14(4), no annual compensation is to be paid, and
(b) for any other pension quarter the rate of his annual compensation is to be reduced by the excess (if any) of (F + G + H) over (C + D − E), where C, D, E, G and H are the same as in paragraph (3)(b) and F is the same as in regulation E14(4).
5 For the purposes of paragraphs (3) and (4)–
(a) regulation E14(3) and (4) are in every case to be construed as if the former employment were pensionable employment, and
(b) if the credited teacher has more than one entitlement to annual compensation, G comprises his total annual compensation but each component is to be reduced only in the proportion which it bears to that total,
and for the purposes of paragraph (4) the pension quarters are the same as in regulation E14(5).