Regulation 64 Netting offI1

United Kingdom

(1)

This regulation applies where—

(a)

amounts mentioned in regulation 60(1) owed by and to a person (“P”) fall to be paid at the same or approximately the same times, and

(b)

the scheme manager has—

(i)

determined the interest (if any) that is to be paid on the relevant amounts in accordance with regulation 60, and

(ii)

where regulation 62 applies in relation to any of the amounts, reduced such amounts by tax relief amounts in accordance with that regulation.

(2)

The scheme manager may determine, in accordance with direction 31(3) to (6) of the PSP Directions 2022, that the amounts (and interest on them) must be aggregated and that the difference must be paid by P to the scheme or (as the case may be) by the scheme to P.

(3)

The following provisions of the PSP Directions 2022 apply in relation to a determination under paragraph (2) as if it were a determination under direction 31(2) of those Directions—

(a)

direction 31(7) (provision of explanation);

(b)

direction 31(8) and (9) (appeals).

Annotations

Commencement

I1: Reg. 64 in force at 5.7.2023, see reg. 1(b)