(1) Where -

(a) a pension is duly payable by a public service body to a person in respect of his or her service as a public servant (in this section referred to as the "pensioner"), and

(b) the pensioner is appointed to a position in respect of which remuneration is paid by a public service body,

then no more of the pension shall be paid, in respect of any specified period of receipt of the remuneration to which paragraph (b) relates, than so much as, with that remuneration, equals the pensionable remuneration which the pensioner would have received in respect of that period if, during it, he or she -

(i) held the office, position or employment in which he or she served on the last day of his or her service, but,

(ii) was remunerated -

(I) at the rate of pensionable remuneration for that office, position or employment on that day, or