4. In regulation 64 (abatement of retirement pension during further employment), for paragraph (10), substitute—
“(10) Where the actual pension paid in any tax year has exceeded the amount which should have been paid by virtue of paragraph (5) (“the excess payment”), the pension payable in the subsequent tax year is to be reduced by an amount equal to the excess payment, but where in that tax year a reduction is not made, or the reduction made is not equal to the excess payment, the pension is to be reduced in the following or any other subsequent tax year—
(a)by an amount equal to the excess payment, or
(b)in a case where the reduction made is not equal to the excess payment, by such further amount or amounts as are required until the total amount of the reduction is equal to the excess payment.”.