Paragraph 1 The Port of London Act 1968
In Schedule 3 (Rules of the Port of London Authority Pension Fund) to the above-mentioned Act of 1968—
in the proviso to rule 5(2), for the words “£3 0s. 8d.” there shall be substituted the words “£3.03”;
in rule 6—
for the scale set out in the columns headed respectively “Fractional parts of a pound” and “Amount of deduction” there shall be substituted the following scale, that is to say—
“
Fractional parts of a pound Amount of deduction p p 0 to 20 Nil 21 to 60 1p 61 to 100 2p ”,
for the words “to the nearest penny”, in both places where they occur, there shall be substituted the words “to the nearest new penny”, and
for the words “an exact halfpenny” there shall be substituted the words “an exact new halfpenny”; and
in rule 17, where by virtue of section 10(1) of the Act, an amount of money in the old currency appearing in the Table set out at the end of the said rule is read as referring to the equivalent of that amount in the new currency and that equivalent is or includes a fraction of a new penny, then the annual reduction to be made in a pension calculated on the basis of the said amount in the old currency so read as aforesaid shall be adjusted—
to the nearest multiple of a new penny if it includes a fraction of a new penny which is greater or less than one-half,
upwards to the nearest multiple of a new penny, if it is a fraction of a new penny which is exactly one-half or includes such a fraction following an even multiple of a new penny, and
downwards to the nearest multiple of a new penny if it includes a fraction of a new penny which is exactly one-half following an odd multiple of a new penny.