SCHEDULE 2BENEFIT LIMITS
PART IIretirement pensions
9.—(1) If the participator retires after having, before his 60th birthday, ceased to be in relevant employment, the permitted amount is the greater of (M+R) and
where–
is 1/60th of his final remuneration for each of up to 40 years of relevant employment,
is the number of years on which M is calculated,
is the number of years on which M would have been calculated if he had continued in relevant employment up to his 60th birthday,
is an amount calculated in accordance with paragraph 7 as at his 60th birthday, and
is the appropriate increase.
(2) For the purposes of sub-paragraph (1) the appropriate increase is an increase in the amount in question, either–
(a)in proportion to any increase in the Index, or
(b)if greater, at 5 per cent compound,
from the cessation of relevant employment to the date on which the pension commenced.