A is the participator's total taxable salary for the year in question less any fluctuating emoluments such as bonus payments and payments for overtime, and

B is the annual average of such fluctuating emoluments. For these purposes such emoluments shall be averaged - 

(i) over a period of whole years, not being less than 3 consecutive years, ending on the last day of the year in question, or

(ii) in a case where such emoluments have been paid for a period of less than 3 years, over the period during which they have been paid.

     3.  - (1) "Final remuneration" means, subject to sub-paragraphs (2) and (3), the greater of C and D, where - 

C is the participator's highest year's adjusted salary in respect of superannuable service during the period of 5 years ending on the material date; and

D is the average of the participator's salary in respect of any period of 3 or more consecutive years ending no earlier than 10 years before the material date.

E is 1/60th of the participator's final renumeration for each of up to 40 years of superannuable 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 superannuable employment before 17th March 1987, the fraction of final renumeration ascertained by reference to the number of years of superannuable service at age 60, from the following Table - 


Table


Years of superannuable 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 renumeration for each of up to 20 years of superannuable service; and



(b) H is 2/3rds of the participator's final renumeration less any retained benefits.

     9. If the participator becomes entitled to a pension under regulation 12 of the 1995 Regulations on a date later than his 60th Birthday, the permitted amount is the greater of J, K and, where applicable L. where - 

J is an amount calculated in accordance with paragraph 8 at the material date;

K is an amount calculated in accordance with paragraph 8 as at the participator's 60th birthday increased, up to the date of his retirement, either in proportion to any increase in the Index during that period or actuarially in respect of that period; and

L is, in the case of a participator with more than 40 years superannuable service, 1/60th of his final renumeration for each of up to a maximum of 45 years of superannuable service, excluding any years before the participator's 60th birthday in excess of 40.

     10.  - (1) If the participator becomes entitled to a pension under regulation 49 of the 1995 Regulations on or after his 60th birthday, the permitted amount is - 

(a) where the participator first entered superannuable employment before 1st June 1989, the greater of - 



(M+R) and(N×Q) P+ R

where - 

M is 1/60th of the participator's final renumeration for each of up to 40 years of superannuable service;

N is the number of years on which M is calculated;

P is the number of years on which M would have been calculated if the participator had continued in superannuable employment up to his 60th birthday;

Q is the maximum amount calculated in accordance with paragraph 8 if the participator had continued in superannuable employment up to his 60th birthday;

R is the appropriate increase; and

(b) is in any other case, is the amount calculated in accordance with paragraph 8 but disregarding sub-paragraph (2)(a)(i) of that paragraph and uprated by the appropriate increase.

    (2) For the purposes of sub-paragraph (1) the appropriate increase is an increase in the amount in question in proportion to any increase in the Index, from the cessation of superannuable employment to the date of payment of retiring allowances.

     11. Paragraphs 8 to 10 in their application to persons who are special class officers or mental health officers for the purposes of regulations 75 and 76 of the 1995 Regulations shall have effect subject to the modification that 55th birthday shall be substituted for 60th birthday and age 55 shall be substituted for age 60.

     12. If the participator becomes entitled to a pension under regulation 13 of the 1995 Regulations (Early retirement pension on the grounds of ill health), the permitted amount is that fraction of the participator's final renumeration which, in accordance with paragraph 8, he could have received had he remained in superannuable employment until his 60th birthday.

     13. If the participator becomes entitled to a pension under regulation 14 (Early retirement pension in respect of redundancy), 15 (Early retirement pension with employer's consent) or 16 (Early retirement pension with actuarial reduction) of the 1995 Regulations, the permitted amount is - 

(a) where the participator first entered superannuable employment before 1st June 1989, the greater of - 



M and(N×Q) Pand

(b) in any other case, S, where - 

     M, N, P and Q have the same meaning as in paragraph 10; and

     S is the lesser of the amounts calculated in accordance with paragraph 8 but disregarding sub-paragraph (2)(a)(i) of that paragraph and uprated by the appropriate increase.

(a) that pension;

(b) any similar pension payable to the dependant under the 1995 Regulations or under a free-standing additional voluntary contributions scheme to which contributions were paid while the participator was in superannuable employment;

and the permitted amount is 2/3rds of the maximum retirement pension.

    (3) Where two or more dependants' pensions are payable, the relevant benefits are - 

(a) those pensions;

(b) any similar pensions payable as mentioned in sub-paragraph (2)(b),

and the permitted amount is the annual rate of the maximum retirement pension.

Provided that for each dependants' pension the relevant benefits shall not exceed the permitted amount specified in sub-paragraph (2).

    (4) Subject to sub-paragraph (5), the maximum retirement pension is the participator's permitted amount calculated in accordance with paragraphs 8 to 13 but disregarding any retained benefits.

    (5) In calculating the maximum retirement pension - 

(a) if the participator died in superannuable employment and had not attained the age of 60, it is to be assumed that he continued in superannuable employment at the same salary up to, and retired on, his 60th birthday; and

(b) if the participator died in superannuable employment and had attained the age of 60, it is to be assumed that he retired on the day before death.

(a) any lump sum death benefit arising pursuant to an election under regulations 3(1)(b), 3(6) or 5(2)(a);

(b) any lump sum payable under regulation 11(7); and

(c) any lump sum benefits totalling £2,500 or more that are payable under the relevant schemes mentioned in sub-paragraph (2).

    (3) The relevant schemes are - 

(a) approved schemes;

(b) schemes approved under Chapter XIV of the Taxes Act;

(c) free standing additional voluntary contributions schemes;

(d) retirement annuity contracts approved under Chapter III of Part XIV of the Taxes Act;

(e) the scheme constituted by the 1995 Regulations;

(f) "relevant statutory schemes" as defined by section 611A of the Taxes Act.

    (4) The permitted amount for the purpose of regulation 4(4) and 12(2) is £5,000 or, if greater, 4 times the participators' renumeration.

    (5) The participators' renumeration is the greater of T, U and V, where - 

T is what the participators' final renumeration would have been if the date of death had been the material date;

U is the participators' highest year's adjusted salary for the purpose of calculating T; and

V is the participators' total taxable earnings during any period of 12 months ending not more than 3 years immediately before the date of death, increased in proportion to any increase in the Index from the end of the year up to the material date as mentioned in paragraph 3(1).