Article 156 Interest on late payment of benefit

After section 147 of the Pension Schemes Act insert—

“Interest on late payment of benefit.

147A

Where under this Part the Pensions Ombudsman directs a person responsible for the management of an occupational or personal pension scheme to make any payment in respect of benefit under the scheme which, in his opinion, ought to have been paid earlier, his direction may also require the payment of interest at the prescribed rate.”.