7F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S
[F1(2)Where an amount is required to be calculated in accordance with the provisions of [F2paragraph 5, 5A, 6 or 6A] or sub-paragraph (1) above—
(a)the amount so calculated shall be rounded to the nearest penny, taking any 1/2p as nearest to the next whole penny above; and
(b)where the amount so calculated would, apart from this sub-paragraph, be a sum less than 1/2p, that amount shall be taken to be zero, notwithstanding any other provision of this Act, the Pensions Act or the Administration Act.]
Textual Amendments
F1Sch. 5 para. 7 omitted (6.4.2012 for the repeal of para. 7(1)) by virtue of Pensions Act 2011 (c. 19), ss. 2(5), 38(4) (with s. 2(7)); S.I. 2011/3034, art. 4(b) (note that this amending provision is itself repealed (6.4.2016) by Pensions Act 2014 (c. 19), s. 56(4), Sch. 12 para. 97(a))
F2Words in Sch. 5 para. 7(2) substituted (5.12.2005) by The Civil Partnership (Pensions and Benefit Payments) (Consequential, etc. Provisions) Order 2005 (S.I. 2005/2053), art. 1(3), Sch. para. 5(10)(b)
Modifications etc. (not altering text)
C1Sch. 5 paras. 4-7 modified (6.10.2002) by The Social Security (Inherited SERPS) Regulations 2001 (S.I. 2001/1085), regs. 1(1), 2, Sch. (as amended (5.12.2005) by S.I. 2005/3030, regs. 1, 2)