Regulation 77 Delayed payments

When the transfer payment is, without good reason, not made within 6 months of the relevant date, the transfer payment is the greater of—

(a)

the value of the cash equivalent as at the relevant date increased with interest on a daily basis over the period from the relevant date to the date of payment at the rate set out in regulation 10(2) of the Occupational Pension Schemes (Transfer Values) Regulations 1996^f1 or, in relation to Northern Ireland, regulation 10(2) of the Occupational Pension Schemes (Transfer Values) Regulations (Northern Ireland) 1996^f2, as amended from time to time; and

(b)

the value of the cash equivalent recalculated as if the date of payment had been the relevant date.

Annotations

Footnotes

f1: S.I. 1996/1847.
f2: S.I. 1996/619.