(1)If payments by way of occupational or personal pension which in the aggregate exceed the maximum sum are made for any week to a person who has attained the age of 55, the rate of any unemployment benefit to which apart from this section he is entitled for that week shall be reduced by 10 pence for each 10 pence of the excess; and in this subsection “the maximum sum” means such sum not less than £35 as is prescribed.
(2)Where a reduction in the rate of unemployment benefit payable to a person falls to be made under this section the reduction shall be made, so far as is necessary—
(a)initially against so much of the benefit as falls to be paid by virtue of section 25(4) or (5) above or of regulations under section 60 below;
(b)then against any increase in the benefit payable under section 82 below; and
(c)finally against any increase in the benefit payable under section 80 below.
(3)Regulations may provide—
(a)for such sums as are specified in or determined under the regulations to be disregarded for the purposes of this section;
(b)for securing that no reduction in pursuance of subsection (1) above is made in the unemployment benefit for any day before the day which in pursuance of the regulations is treated as that on which relevant payments by way of occupational or personal pension begin;
(c)for this section to apply, in cases where—
(i)a lump sum is paid to a person in connection with a former employment of his or arrangements are made for a lump sum to be so paid;
(ii)benefits of any description are made available to a person in connection with a former employment of his or arrangements are made for them to be made so available; or
(iii)payments by way of occupational or personal pension to a person are assigned, reduced or postponed or are made otherwise than weekly,
as if there were made to the person such weekly payments by way of occupational or personal pension as are specified in or determined under the regulations;
(d)for the method of determining whether payments by way of occupational or personal pension are made to a person for any week and the amount of any such payments which are so made;
(e)for section 26(1) above and section 57(1) below to have effect, in relation to a person whose rate of unemployment benefit is reduced by virtue of this section, with such modifications as are prescribed.
(4)In this section—
“employer” means—
in relation to an employment under a contract of service, the employer under the contract;
in relation to an employment in an office with emoluments, the person responsible for paying the emoluments;
“employment” means an employment under a contract of service or in an office with emoluments;
“modifications” includes additions, omissions and amendments;
and the reference in subsection (1) above to unemployment benefit includes any increase of the benefit on account of dependants.