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Paragraph 6 I1

Northern Ireland Not yet in force

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This paragraph applies where—

(a)

a transfer value falls to be calculated in accordance with paragraph 3 or 4; and

(b)

for the purposes of paragraph 3, C is greater than B.

(2)

Subject to sub-paragraphs (3) and (4), if the transfer value is not paid within 6 months after the person ceased to be in pensionable employment the amount calculated in accordance with paragraph 3 or 4 is increased by adding to it interest on C at 9 per cent per annum, compounded with 3-monthly rests, for each complete period of 3 months after the end of the employment and before the date of payment.

(3)

If the employment ended before 1st April 1977 the amount calculated in accordance with paragraph 3 is increased by adding to it—

(a)

interest on C at 6 per cent per annum, compounded with yearly rests, for each complete period of a year after the end of the employment and before 1st April 1977; and

(b)

interest on C at 9 per cent per annum, compounded with 3-monthly rests, for the period of 3 months beginning on 1st April 1977 and for each subsequent complete period of 3 months before the date of payment.

(4)

If the employment ended after 5th April 1978 and before 1st April 1979 the amount calculated in accordance with paragraph 3 is increased by adding to it interest on C at 6 per cent per annum, compounded with yearly rests, for each complete period of a year after the end of the employment and before the date of payment.

Annotations

Commencement

I1

Sch. 11 para. 6 in operation at 2.11.1998, see reg. A1