(1) The weekly rate (in this Chapter referred to as "the scheduled rate") of orphan's (non-contributory) pension shall be the weekly rate set out in column (2) of Part I of the Fourth Schedule.
(2) An orphan's (non-contributory) pension shall be payable where -
(a) the weekly means of the claimant or beneficiary do not exceed £2 at the scheduled rate, and
(b) such weekly means exceed £2, at the scheduled rate reduced by £2 for each amount (if any) of £2 by which those weekly means exceed £2, 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.