SCHEDULES

SCHEDULE 5PENSION INCREASE OR LUMP SUM WHERE ENTITLEMENT TO RETIREMENT PENSION IS DEFERRED

F1Supplementary

7C

(1)

Any lump sum calculated under paragraph 3B or 7B must be rounded to the nearest penny, taking any 1/2p as nearest to the next whole penny above.

(2)

In prescribing a percentage rate for the purposes of paragraphs 3B and 7B, the Secretary of State must have regard to—

(a)

the national economic situation, and

(b)

any other matters which he considers relevant.