Regulation P11 Extra charges resulting from early retirement of chief officersI1
England, Wales and Scotland
Subject to paragraph (5), where a person has become entitled to benefits under regulation E2(1)(b)(iii) and (3)(c) of the 1974 regulations, the body who are in relation to him the new authority for the purposes of the Local Government (Retirement of Chief Officers) Regulations 1973f1 or the Water Authorities (Retirement of Chief Officers) Regulations 1974f2 (“the new authority”) shall in respect of any resulting extra charge on the superannuation fund out of which the benefits are payable (“the relevant fund”) make a payment in accordance with paragraph (2) to the authority administering the relevant fund, who shall carry the payment to that fund.
The payment to be made under paragraph (1)—
is a payment of an amount to be determined by the relevant fund's actuary as at the date on which the person—
attains pensionable age, or
dies before attaining that age, and
becomes due 3 months after the new authority have been notified of the amount determined by the actuary.
If all or part of any sum due under this regulation remains unpaid at the end of the period of one month after the date on which it becomes due, the authority administering the relevant fund may require the new authority to pay interest, calculated at the standard rate on a day to day basis from the due date of payment to the date of payment, and compounded with 3-monthly rests, on the amount remaining unpaid.
Interest paid under paragraph (3) shall be carried to the relevant fund.
Paragraphs (1) to (4) do not apply—
while there is in force any agreement made before 6th January 1986 between the new authority and the authority administering the relevant fund as to the making of payments in respect of extra charges of the kind mentioned in paragraph (1), or
where all payments in respect of a person that were required by such an agreement have been made.
Annotations
Commencement
Footnotes
- f1
- f2