Regulation 39 InterestI1

An administering authority may require an authority from which payment of any amount due under regulations 35 to 38 (employers' contributions or payments) or 81 (changes of fund) is overdue to pay interest on that amount.

The date on which any amount due under regulations 35 to 37 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 38 (payment by employing authorities to appropriate administering authorities) 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 40(5) (deduction and recovery of member’s contributions), 41(2) (rights to return of contributions) or 47 (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 81 shall be calculated in accordance with guidance issued by the scheme actuary.