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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.
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