PART 8Payment of benefits
CHAPTER 2Payment of pensions
Monthly payment of pension
164.—(1) A pension is to be paid in accordance with this regulation unless P’s application for payment of benefits included a request that the pension be paid quarterly.
(2) The initial payment of the pension is to be made on the initial payment date.
(3) The amount of the initial payment is—
where—
AR is the annual rate of the pension;
DI is the number of days in the period beginning on the payable date and ending on the initial payment date and is 1 where the payable date falls on the initial payment date, and
DM is the number of days in the period beginning on the day which falls one month before the day after the initial payment date and ending on the initial payment date.
(4) The amount to be paid on the payment date in each subsequent month until the cessation date is—
where AR is the annual rate of the pension.
(5) If the cessation date does not fall on a payment date, the final payment is to be made on, or as soon as possible after, the cessation date.
(6) The amount of the final payment is—
where—
AR is the annual rate of the pension;
DF is the number of days in the period beginning on the day immediately following the last payment date before the cessation date and ending on the cessation date, and
DM is the number of days in the period beginning on the day immediately following the last payment date before the cessation date and ending on what would have been the next payment date if the pension had not ceased to be payable.