Regulation 3 Amendment of the principal Regulations

In regulation 22 of the principal Regulations (conversion to sterling), at the end there shall be added the following paragraph:–

“(7)

The sterling value of the amount of any lump sum payment referred to in regulation 19(4) which is payable in a currency other than sterling shall be the middle rate on the day when the lump sum is paid in the official exchange market between the other currency and sterling or, if there is no official exchange market, the prevailing exchange rate for current payments on that day.”.