# The Transport Pension Schemes (Decimal Currency) Order 1971, 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—
(a) in the proviso to rule 5(2), for the words “£3 0s. 8d.” there shall be substituted the words “£3.03”;
(b) in rule 6—
(i) 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
”,
(ii) 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
(iii) for the words “an exact halfpenny” there shall be substituted the words “an exact new halfpenny”; and
(c) 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—
(i) 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,
(ii) 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
(iii) 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.

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Source: https://www.legislation.gov.uk/uksi/1971/189/schedule/paragraph/1 (the official version)
Page: https://openlegislation.uk/transport-pension-schemes-decimal-currency-order-1971/schedule/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.