Regulation 10 Increases of cash equivalents on late paymentF1

(1)

Subject to paragraph (2), if the trustees of a scheme, having received an application under section 95 of the 1993 Act, fail to do what is needed to carry out what the member requires within six months of the appropriate date the member’s cash equivalent, as calculated in accordance with regulations 7 to 9, shall be increased by the amount, if any, by which that cash equivalent falls short of what it would have been if the appropriate date had been the date on which the trustees carry out what the member requires.

(2)

If the trustees of a scheme, having received an application under section 95 of the 1993 Act, fail without reasonable excuse to do what is needed to carry out what the member requires within six months of the appropriate date the member’s cash equivalent, as calculated in accordance with regulations 7 to 9, shall be increased by—

C1( C2 a )

interest on that cash equivalent calculated on a daily basis over the period from the appropriate date to the date on which the trustees carry out what the member requires, at an annual rate of one per cent. above base rate; or, if it is greater,

(b)

the amount, if any, by which that cash equivalent falls short of what it would have been if the appropriate date had been the date on which the trustees carry out what the member requires.

Annotations

Textual amendments

F1: Regs. 7-7E substituted for reg. 7 and 8 (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), regs. 1(1), 4

Modifications

C1: Reg. 10(2)(a) excluded (1.4.2008) by The Local Government Pension Scheme (Administration) Regulations 2008 (S.I. 2008/239) , regs. 1(1) , 78(5)
C2: Reg. 10(2)(a) excluded (S.) (1.4.2009) by Local Government Pension Scheme (Administration) (Scotland) Regulations 2008 (S.S.I. 2008/228) , regs. 1 , 73(5)

Notes on Part III

Textual amendments

F1: Word in Pt. III omitted (6.4.2015) by virtue of The Occupational and Personal Pension Schemes (Transfer Values) (Amendment and Revocation) Regulations 2015 (S.I. 2015/498), regs. 1(2), 4(2)