Paragraph 1 Members with service between 1st January 1972 and 19th July 1983
A person who was a participating Member on or after 1st January 1972 but has not been a participating Member at any time after 19th July 1983 shall be entitled to receive a pension under this paragraph as from the time when the following conditions are or were fulfilled in respect of him—
he is or was neither a Member of that House nor a candidate for election to it;
he is not or was not the holder of a qualifying office;
his aggregate period of reckonable service as a participant is not or was not less than four years; and
he has or had attained the age of sixty-five years.
No pension shall be payable under this paragraph to a person who has been Prime Minister and First Lord of the Treasury or Speaker of the House of Commons or who is or has been Lord Chancellor.
Subject to paragraph 1 of Schedule 11, to regulation G1 (Commutation) and, in the case of a person who has a guaranteed minimum pension, to regulation F7, the annual amount of the pension payable to a person under this paragraph shall be a sum equal to the aggregate of the following amounts—
an amount equal to one-sixtieth of the relevant terminal salary multiplied by the number of complete years comprised in his aggregate period of reckonable service as a participating Member, and
an amount bearing the same proportion to one-sixtieth of the relevant terminal salary as the number of days comprised in that period after the end of the last complete year comprised in it bears to three hundred and sixty-five.
In this paragraph “the relevant terminal salary”—
in relation to a person who has been a Member of the House of Commons for a period of more than twelve months, or for two or more periods amounting in the aggregate to more than twelve months, means the amount of a Member’s pensionable salary for the last twelve months (whether continuous or discontinuous) during which that person was a Member of that House, and
in relation to a person who has been a Member of that House, but whose actual period of service as such a Member was less than twelve months, means an amount calculated by taking the aggregate amount of a Member’s pensionable salary for the period (whether continuous or discontinuous) for which he was such a Member and multiplying it by the appropriate figure;
and in paragraph (b) of this sub-paragraph “the appropriate figure” in relation to a person, means the figure (whether being a whole number or not) by which the number of days comprised in his period of service as a Member of the House of Commons must be multiplied in order to be equal to twelve months.
In this Schedule “a Member’s pensionable salary” in relation to a resolution of the House of Commons relating to the remuneration of Members, means a Member’s ordinary salary, or, if the resolution provides for a Member’s ordinary salary to be regarded for pension purposes as being at a higher rate, a notional yearly salary at that higher rate.