Regulation 44 InterestI1

An administering authority may require an administering or employing authority from which payment of any amount due under regulations 39 to 42 (employers’ contributions or payments) or regulation 86 (changes of fund) is overdue to pay interest on that amount.

The date on which any amount due under regulations 39 to 41 is overdue is the date one month from the date specified by the administering authority for payment.

The date on which any amount due under regulation 42 (other than any extra charge payable under regulation 40 or 41 and referred to in regulation 42(1)(c)) is overdue is the day after the date when that payment is due.

Interest due under paragraph (1) or payable to a person under regulation 45(5) (deduction and recovery of member’s contributions), 46(2) (rights to return of contributions) or 51 (interest on late payment of certain benefits) must be calculated at one per cent. above base rate on a day to day basis from the due date to the date of payment and compounded with three-monthly rests.

Interest on any amount due in respect of regulation 86 shall be calculated in accordance with guidance issued by the Government Actuary.