In the case of any person appointed as president of the pension appeal tribunals established under the [1943 c. 39.] Pensions Appeal Tribunals Act 1943—
(a)the Lord Chancellor may pay such pension, allowances or gratuity to or in respect of him on his retirement or death, or make such payments towards the provision of such a pension, allowance or gratuity, as the Lord Chancellor with the approval of the Minister may determine, and
(b)if, on his ceasing to hold office as president of the pensions appeal tribunals, it appears to the Lord Chancellor that there are special circumstances which make it right that he should receive compensation, the Lord Chancellor may, with the approval of the Minister, pay to him a sum of such amount as the Lord Chancellor may, with the like approval, determine.