5Payment of certain periodical payments
(1)This section applies to any amount of money in the old currency payable on or after the appointed day as one of a series of payments of the same amount payable periodically, whether pursuant to an instrument or otherwise, not being an amount mentioned in subsection (3)'of this section.
(2)Subject to the provisions of this Act, where an amount of money to which this section applies is not a whole number of pounds, so much of it as is in shillings or pence may be paid by paying the corresponding amount in the new currency calculated in accordance with the provisions of Schedule 1 to this Act.
(3)This section does not apply to—
(a)an amount payable to an employee or the holder of any office by way of wages, salary or other remuneration; or
(b)the amount of any payment to which section 6 of this Act applies.