chronyd: Could not open /dev/pps0 : No such file or directory

Issue

The chrony service fails to start and following error message can be seen in the logs:

Dec 07 06:27:07 server systemd[1]: Starting NTP client/server...
Dec 07 06:27:07 server chronyd[7582]: chronyd version 3.5 starting (+CMDMON +NTP +REFCLOCK +RTC +PRIVDROP +SCFILTER +SIGN>
Dec 07 06:27:07 server chronyd[7582]: Fatal error : Could not open /dev/pps0 : No such file or directory
Dec 07 06:27:07 server chronyd[7580]: Could not open /dev/pps0 : No such file or directory
Dec 07 06:27:07 server systemd[1]: chronyd.service: Control process exited, code=exited status=1
Dec 07 06:27:07 server systemd[1]: chronyd.service: Failed with result 'exit-code'.
Dec 07 06:27:07 server systemd[1]: Failed to start NTP client/server.