Regulation 9 Amendment of Principal Regulations

After regulation C3A^f1 there shall be inserted the following regulation–

“Contributions where an election under regulation B7 is to take effect from an earlier date

C3B

(1)

This regulation applies where–

(a)

a person has elected under regulation B7 that his further employment should be pensionable, and

(b)

his employer has agreed under regulation B7(2)(c) that the election should have effect from a date earlier than the first day of the month after that in which the notice was given.

(2)

Where this regulation applies the person shall–

(a)

pay the contributions calculated in accordance with regulation C3(1) and treated as due on the last day of each month for the period starting with such earlier date and ending immediately before the first day of the month after that in which the notice was given, and

(b)

pay interest on each such contribution at 7% per annum, compounded with monthly rests from the 8th day after the end of the month in which that contribution was due to the date of its payment.”.