Article 563 Interest on late payment of certain benefitsI1

In regulation E34 of the Teachers' Pensions Regulations 1997^f1, for paragraph (5)(b) substitute—

“(b)

“the reference banks” means the four largest persons for the time being who—

(i)

have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;

(ii)

are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits;

(iii)

quote a base rate applicable to sterling deposits.”.

After paragraph (5) of that regulation insert—

“(6)

Paragraph (5)(b) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.