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160.—(1) This regulation applies to the payment of a pension.
(2) A pension is normally to be paid monthly, but—
(a)may, on the application of the person entitled to it, be paid quarterly; or
(b)may be paid in such instalments and at such intervals as the scheme manager may think appropriate.
(3) Where payment of any such sum is due in respect of a period which is less than the interval at which it is payable—
(a)the amount payable in respect of each complete month of the period shall be 1/12th of the annual rate of the sum; and
(b)the amount payable in respect of a period of less than 1 complete month shall be—
(4) In paragraph (3)(b)—
(a)A is the annual rate of the pension;
(b)B is the number of days in respect of which the benefit is payable; and
(c)C is the total number of days in the month in which the days in B fall.
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