8.—(1) Subject to the provision of paragraph (2) of this regulation, the amount of resettlement compensation which may be paid to a person shall for each week for which such compensation is payable be a sum ascertained by taking two thirds of the weekly rate of the net annual emoluments which that person has lost and deducting therefrom such of the following items as may be applicable:—
(a)two thirds of the net annual emoluments received by him in respect of that week from work or employment which he has undertaken since the loss;
(b)any periodical payment paid or immediately payable in respect of such week by virtue of the relevant pension scheme.
(2) Resettlement compensation may be withheld or reduced to take into account any payments to which the person to whom it is payable becomes entitled in consequence of the loss of his employment under any contract or arrangement with an Association by whom he was employed (other than payments by way of a return of contributions under a pension scheme or in respect of which deductions have been made under paragraph (1) of this regulation) as well as for the purpose of effecting a deduction for a redundancy payment or for national insurance benefits in accordance with regulation 27.
(3) For the purposes of this regulation the weekly rate of a person's net annual emoluments shall be deemed to be seven three hundred and sixty-fifths of those emoluments.