Schedule 2 AMOUNT IN THE NEW CURRENCY OF A PAYMENT REFERRED TO IN PARAGRAPH (3)(b) OF REGULATION 2

The amount in the new currency payable in respect of a payment referred to in paragraph (3)(b) of regulation 2 shall be the amount corresponding to the amount in the old currency payable under the contract or, if that amount would apart from the Friendly Societies (Halfpenny) Regulations 1969^f1 be or include a half-penny, to the amount in the old currency payable under the contract apart from those Regulations, calculated as follows—

1. (a)

   for an amount or for so much of an amount as consists of one or more whole pounds the corresponding amount in the new currency is that number of pounds; and

2. (b)

   for any whole shilling or multiple thereof of an amount or remaining amount of less than one pound the corresponding amount in the new currency is five new pence or that multiple thereof; and

3. (c)

   for an amount or remaining amount of less than one shilling shown in column 1 of the following table, the corresponding amount in the new currency is the amount (if any) in new pence shown opposite that amount in column 2 of that table and accordingly an amount or remaining amount of one halfpenny shall be disregarded.