(1)Subject to subsection (2) below, periodical payments under section 1(1)(b) above shall be paid monthly to the applicant during a period expiring at the end of—
(a)such number of months immediately following the material time as results from adding together—
(i)one month for each year or part of a year during which the applicant has served in whole-time stipendiary ecclesiastical service; and
(ii)one month for each year or part of a year which has passed before the material time since the applicant attained the age of forty years; or
(b)thirty-six months immediately following the material time,
whichever is the greater:
Provided that where an applicant has at the material time attained the age of fifty years the payments shall continue, if they would otherwise cease, until he attains an age within five years of the retiring age.
(2)Such payments shall cease to be payable in respect of any person—
(a)when he attains the retiring age; or
(b)if he receives a pension under the pensions regulations before attaining that age, on the date on which the pension is first paid; or
(c)if he re-enters whole-time stipendiary ecclesiastical service as defined in section 1(2)(a) above, on the date of the re-entry.
(3)Subject to section 6 below, each monthly payment shall be of an amount equal to one-twelfth of the following—
(a)in the first period of twelve months, the national minimum stipend for the year in which the payment falls to be made;
(b)in the second period of twelve months, three-quarters of the national minimum stipend for the year in which the payment falls to be made;
(c)thereafter, two-thirds of the national minimum stipend for the year in which the payment falls to be made.
(4)Regulations approved by the General Synod under section 6 of the [1972 No. 5.] Clergy Pensions (Amendment) Measure 1972 may make such amendments to subsection (1) above as the Synod considers necessary or expedient in consequence of any regulations made under subsection (1)(a) of that section.