Article 5 Interest on deposits

The Board shall pay to the fund in question at intervals of not more than 6 months interest at a rate determined in accordance with the provisions of paragraph (2) of this Article on so much of the moneys referred to in Article 4 above as have for the time being not been repaid by the Board.

Subject to paragraphs (3) and (4) below, the rate of interest to be paid as mentioned in paragraph (1) above on a particular date shall be the rate which has been determined by the Treasury under section 5 of the National Loans Act 1968 for loans from the National Loans Fund repayable at maturity for periods of more than one year and not more than 5 years and which is in operation for such loans on the 2nd January next preceding that date.

The provisions of paragraph (2) above shall not apply to interest accruing before the date on which this Order comes into operation.

The rate of interest to be paid under this Article shall not be less than 5% per annum.

The provisions of this Article shall, in relation to the pension funds to which the provisions of Article 3(c) and (d) of the British Transport (Alteration of Pension Schemes) Order 1969^f1 or Article 5(3) of the British Transport (Amalgamation of Railways' Pension Funds) (No. 1) Order 1970^f2 apply, have effect in substitution for those provisions.