Regulation 82 Interest

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 82(2) words substituted by Local Government Pension Scheme Regulations 1997 1998 reg. 23(a)
reg. 82(3) revoked by Local Government Pension Scheme Regulations 1997 1998 reg. 23(b)
reg. 82(1) words substituted by Local Government Pension Scheme 2004 reg. 23(a)
reg. 82(2) word substituted by Local Government Pension Scheme 2004 reg. 23(b)
reg. 82(1A) inserted by Local Government Pension Scheme 2007 reg. 7(a)
reg. 82(2) words substituted by Local Government Pension Scheme 2007 reg. 7(b)

(1)

An administering authority may require an authority from which payment of any amount due under regulation 79, 80, 81, 91, 125 or 126 is overdue by more than one month to pay interest on that amount.

(2)

Interest under paragraph (1) or under regulation 94(1) 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.

(3)

Interest under regulation 87(1) or 89(5) must be calculated at nine per cent. per annum compounded with yearly rests on 31st March.