(1) The rate (in this Chapter referred to as "the scheduled rate") of pension shall be the weekly rate set out in column (2) of Part 1 of Schedule 4.
(a) A pension shall be payable -
(i) where the weekly means of the claimant or beneficiary do not exceed €7.60, at the scheduled rate, and
(ii) subject to paragraph (b), where the weekly means of the claimant or beneficiary exceed €7.60, at the scheduled rate reduced by €2.50 for each amount (if any) of €2.50 by which those weekly means exceed €7.60, any fraction of €2.50 in those weekly means being treated for this purpose as €2.50.
(b) Where the rate calculated under paragraph (a) (ii) at which, but for this paragraph, the pension would be payable is less than €2.50, the pension shall not be payable.