{
  "url": "https://openlegislation.uk/teachers-superannuation-scotland-amendment-regulations-1997/regulation-25",
  "json_url": "https://openlegislation.uk/teachers-superannuation-scotland-amendment-regulations-1997/regulation-25.json",
  "legislation": "uksi/1997/676",
  "legislation_title": "The Teachers' Superannuation (Scotland) Amendment Regulations 1997",
  "legislation_url": "https://openlegislation.uk/teachers-superannuation-scotland-amendment-regulations-1997",
  "path": "regulation/25",
  "kind": "regulation",
  "number": "25",
  "heading": "Interest on late payment of certain benefits",
  "text": "After regulation E31 there shall be inserted the following regulation:–\n“Interest on late payment of certain benefits\nE31A (1) Where all or any part of the benefits payable under this Part other than a pension payable under regulation E23 is not paid within one month of the due date (other than in cases where the beneficiary has not accepted payment or has knowingly by his actions made payment impossible or impractical), the Secretary of State shall pay to the person to whom the benefit is payable interest on the amount remaining unpaid calculated at the appropriate rate on a day to day basis from the due date to the date of payment, and compounded with three-monthly rests.\n(2) For the purposes of paragraph (1) the due date, where a benefit consists of a single payment, is–\n(a) the date on which the person becomes entitled to the benefit, where the benefit consists of a single payment other than a death gratuity under regulation E19 or a deficiency grant under regulation E20; or\n(b) the day after the date on which the Secretary of State has become satisfied that the benefit may be paid under regulation E19 or E20, where the benefit is payable under either of those regulations.\n(3) For the purposes of paragraph (1) the due date, in a case where a benefit does not consist of a single payment, is–\n(a) in the case of a family benefit, the last day of the month in which entitlement to the benefit took effect; and\n(b) in any other case, the birth date of the person immediately following the date on which the person’s entitlement to benefit took effect.\n(4) If a person was born on the 1st of a month, his birth date in any month is the 1st, and so on; in any month in which the date arrived at in that way does not occur, his birth date is the last day of the month.\n(5) For the purposes of paragraph (1) “the appropriate rate” is one percent above the base rate for the time being quoted by the reference banks or, where there is for the time being more than one such base rate, the rate which, when the base rate quoted by each bank is ranked in a descending sequence of seven, is fourth in the sequence.\n(6) In paragraph (4) above “the reference banks” means the seven largest institutions for the time being which–\n(a) are authorised by the Bank of England under the Banking Act 1987;\n(b) are incorporated in and carrying on within the United Kingdom a deposit-taking business (as defined in section 6, but subject to any order under section 7, of that Act); and\n(c) quote a base rate in sterling.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1987 c. 22."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1997/676/regulation/25",
    "retrieved_at": "2026-10-29T12:22:32.766167+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}