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8.—(1) If the participator becomes entitled to a pension under regulation E1 of the 1995 Regulations on his 60th birthday, the permitted amount is the
greater of E and F,
where–
E is 1/60th of the participator’s final remuneration for each of up to 40 years of pensionable service, and
F is the lesser of G and H.
(2) In sub-paragraph (1)–
(a)G is–
(i)in relation to a participator who entered pensionable employment before 17 March 1987, the fraction of final remuneration ascertained by reference to the number of years of pensionable service at age 60, from the Table below;
Years of pensionable service at age 60 | Fraction |
---|---|
not more than 5 | 1/60th for each year |
6 | 8/60ths |
7 | 16/60ths |
8 | 24/60ths |
9 | 32/60ths |
10 or more | 40/60ths |
and
(ii)in any other case, is 1/30th of the participator’s final remuneration for each of up to 20 years of pensionable service; and
(b)H is 2/3rd of the participator’s final remuneration less any retained benefits.
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