Regulation 15 Interest on compensationF1

(1)

This regulation applies in relation to a person to whom compensation is paid under section 82(1) of the Public Service Pensions and Judicial Offices Act 2022 (power to pay compensation).

(2)

An administering authority must pay interest in respect of the amount of such compensation.

(3)

The interest is to be paid to the person.

(4)

Interest under this regulation is payable from the date specified in paragraph (5) until the day on which the amount in respect of the interest is payable and the accrued interest are repaid in full.

(5)

The date specified in this paragraph is—

(a)

in the case of compensation in respect of a direct financial loss, the date on which the direct financial loss occurred;

(b)

in the case of compensation in respect of a specified Part 4 tax loss, the date on which the overpayment was made.

(6)

Interest payable under this regulation is to be calculated in accordance with direction 38 of the Public Service Pensions (Exercise of Powers, Compensation and Information) Directions 2022.

Annotations

Textual amendments

F1: Reg. 15 inserted (with effect from 1.10.2023) by The Local Government Pension Scheme (Miscellaneous Amendments) (Member Benefits) Regulations 2026 (S.I. 2026/226), regs. 1(2)(b), 48