Paragraph 5D Interest on Late Payment

Interest shall accrue from 7 working days after the date on which contributions fall due for payment until the date on which payment of the contributions together with interest on those contributions is received by the Trustee. Such interest shall accrue simple at 5% above the sterling base rate published by The Royal Bank of Scotland plc from time to time or at such higher rate as is actually received by the Participating Employer on the contributions. The Trustee shall use all reasonable endeavours to collect contributions within 7 working days of the date on which they fall due. The Trustee may waive payment if it considers the amount of interest to be paid is trivial.