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16. For paragraph (7) of regulation 3.J.9A (interest and administration charges: late paid contributions)(1), substitute—
“(7) In the case of arrears in respect of the scheme year 2014-2015 and subsequent years, the standard rate of interest is the aggregate of the percentage (if any) by which the consumer prices index for the February before the scheme year in which the chargeable event arose is higher than it was for the previous February plus 3%, compounded at annual intervals.”.
Regulation 3.J.9A was inserted by regulation 47 of S.I. 2014/570.
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