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Regulation 20 Current sterling value of increasable rate of pension

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The current sterling value of the increasable rate of a pension payable in a currency other than sterling shall be calculated for the purposes of regulation 19(b) on the 15th day of each month of payment of supplement using—

(a)

the middle rate of exchange in the official exchange market or, if there is no official exchange market, the prevailing foreign exchange rate for current payments; or

(b)

if different, the rate of exchange applied to the pension.