National pension and notional lump sum
5.—(1) There shall be ascribed to each person to whom these regulations apply a notional pension calculated on the following basis—
(a)for each year of reckonable service, one eightieth of his average remuneration, and
(b)for any additional part of a year of reckonable service which amounts to or exceeds 6 months, one one hundred and sixtieth of his average remuneration.
(2) Where a person to whom these regulations apply has ceased to be employed as mentioned in regulation 4(1)(a)(ii) of these regulations, there shall be ascribed to him a notional lump sum calculated on the following basis—
(a)for each year of reckonable service, three eightieths of his average remuneration, and
(b)for any additional part of a year of reckonable service which amounts to or exceeds 6 months, three one hundred and sixtieths of his average remuneration.
(3) Where the amount of a notional pension ascribed, under paragraph (1) of this regulation, to any person does not exceed £26 a year, these regulations shall not apply to him.
(4) In calculating, under paragraph (1) of this regulation, the notional pension of a person to whom an allowance was payable before the coming into operation of these regulations under or by reference to the Pensions Increase (Approved Schemes) (Local Government) Regulations 1968 and 1969(1) any fraction of a pound in the resulting sum shall be treated as a whole pound.
(1968 II, p. 3597; 1969 III, p. 5413).