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“(8) Regulations under subsection (7) shall provide, subject to subsection (8A), that old age (contributory) pension payable by virtue thereof shall be payable at a rate less than that specified in the Second Schedule, and the rate specified by the regulations may vary by reference to the yearly average so calculated, but any increase of that pension payable under section 87(2) shall be the same as if the claimant had a yearly average of not less than 48.
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(8A) In the case of a person who, on 5 April 2001, is entitled to or in receipt of a pension by virtue of regulations under subsection (7) which includes an increase under section 87(1), subsection (8) shall not operate so as to reduce the rate of the increase payable under section 87(1) below such rate as may be prescribed.”.
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