(1) The rate (in this Chapter referred to as "the scheduled rate") of old age (non-contributory) pension shall be the weekly rate set out in column (2) of Part I of the Fourth Schedule increased, by the appropriate amount set out in column (4) of that Part in respect of each qualified child who normally resides with the claimant or beneficiary.
(2) The pension shall be payable where -
(a) the weekly means of the claimant or beneficiary do not exceed £6, at the scheduled rate, and
(b) such weekly means exceed £6, at the scheduled rate reduced by £2 for each amount (if any) of £2 by which those weekly means exceed £6, any fraction of £2 in those weekly means being treated for this purpose as £2:
Provided that, if the rate calculated pursuant to this paragraph at which, but for this proviso, the pension would be payable is less than £2, the pension shall not be payable.