PART FPENSION ENTITLEMENT

Permitted maximum pensions

F5.—(1) The annual amount of the pension payable under article F1 or F2 shall not exceed whichever is the least of–

(a)the amount equal to two-thirds of the participant’s final salary; or

(b)such maximum pension as is calculated in respect of that person in accordance with the provisions of Schedule 2; or

(c)the amount equal to two-thirds of the permitted maximum.

(2) In the case of a person who is entitled to a pension under both articles F1 and F2, the amount of the two pensions together shall not exceed two-thirds of the permitted maximum and, if they do, the pension payable under article F2 shall be reduced before the pension payable under article F1.