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The Railway Pensions (Substitution and Miscellaneous Provisions) Order 1995

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  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
  • Gwreiddiol (a wnaed Fel)

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4.—(1) Interest shall accrue from 13th April 1995 to 13th October 1995 on the outstanding balance for the time being of each relevant Table A amount, on 13th October 1995, at the rate of 4.25 per cent per annum, and shall be added to the outstanding balance of the relevant Table A amount in respect of which it has accrued on 14th October 1995.

(2) Subject to sub–paragraph (3), interest shall accrue from 13th October 1995 to 13th October 1996 and during subsequent relevant periods, on 13th October of each year, on the outstanding balance for the time being of each relevant Table A amount at the rate of—

per cent per annum where—

“W” means the retail prices index for the month of September in the year before the year in which the relevant period begins, and

“Z” means the retail prices index for the month of September in the year in which the relevant period begins.

(3) Where paragraph 2 requires the Secretary of State to commence payment of a relevant Table A amount during a relevant period (“the first relevant period”) interest shall accrue during that and the following relevant period on the outstanding balance for the time being of that relevant Table A amount at the rate of—

per cent per annum where—

“W” means the retail prices index for the month of September in the year before the year in which the first relevant period begins, and

“Z” means the retail prices index for the month of September in the year in which the first relevant period begins.

(4) (a) Where interest accrues under sub–paragraph (2) it shall be added to the outstanding balance of the relevant Table A amount in respect of which it has accrued on the day after it has accrued.

(b)Where interest accrues under sub–paragraph (3) it shall not be added to the outstanding balance of the relevant Table A amount in respect of which it accrues but shall be paid in accordance with paragraph 5.

(5) In this paragraph—

“relevant period” means a period of twelve months, the first such period being the period from 13th October 1995 to 13th October 1996 and subsequent relevant periods being periods of 12 months starting from the end of the previous relevant period; and

shall be calculated to three decimal places and, if

is less than one, it shall be treated as one.

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