L5.—(1) If on ceasing to be employed in a relevant employment a person becomes entitled under regulation E2 to receive payments in respect of an annual retirement pension and—
(a)immediately before ceasing to be so employed he was entitled to an allowance under regulation L4, and
(b)on ceasing to be so employed he does not become entitled to an allowance under regulation L3, and
(c)regulation E22(4) does not apply,
the relevant body may pay him an allowance under this regulation.
(2) An allowance under this regulation—
(a)is not in any year to exceed the amount by which the annual rate of the retirement pension falls short of what it would have been if the amount of the allowance paid under regulation L4 during the relevant period (within the meaning of regulation E22(2)) had been part of his remuneration in the relevant employment, and
(b)continues for such period as the relevant body may determine.