(1)Where immediately before the appointed day a benefice has endowment income, the general fund of the Commissioners shall stand charged as from that day with the payment towards the stipend of the incumbent of that benefice of an annuity the amount of which shall be fixed in accordance with subsection (2) below.
(2)Subject to section 3 of this Measure, the amount of the annuity payable in respect of any benefice under subsection (1) above shall be either the amount of the net annual endowment income of the benefice immediately before the appointed day or £1,000, whichever is the less.
(3)Where by means of a pastoral scheme which comes into operation on or after the appointed day a new benefice is created by the union of two or more benefices, then, if—
(a)in the case of a scheme which comes into operation on the appointed day, an annuity would but for the scheme have been payable under subsection (1) above in respect of any of these benefices, or
(b)in the case of any other scheme, an annuity was immediately before the scheme comes into operation payable under this section in respect of any of those benefices,
the general fund of the Commissioners shall stand charged as from the day on which the scheme comes into operation with the payment towards the stipend of the incumbent of the new benefice of an annuity the amount of which shall be fixed in accordance with subsection (4) below.
(4)The amount of the annuity payable in respect of any new benefice under subsection (3) above shall be either—
(a)the aggregate of the annuities which would have been or were payable as mentioned in subsection (3) above in respect of the benefices by the union of which the new benefice was created, or
(b)£1,000,
whichever is the less.
(5)The annuity with the payment of which the general fund of the Commissioners stands charged under subsection (1) or (3) above is hereafter in this Measure referred to as “the guaranteed annuity”.
(6)The guaranteed annuity in respect of any benefice shall not be payable during a vacancy in the benefice.