PART 9 N.I. Interest and the payment, reduction or waiver of liabilities

Payments of amounts owed to a person N.I.

67.—(1) This regulation applies where the legacy scheme owes a net liability to a person (“ P”) after taking into account regulation 65.

(2) The scheme manager must pay the amount of the net liability to P as soon as reasonably practicable—

(a) after the scheme manager determines the amount of the net liability; or

(b) where the scheme manager requires P to make an application in accordance with paragraph (3), after receipt of that application.

(3) Before paying the amount of a net liability owed to P, the scheme manager may by notice in writing require P to make an application which is—

(a) in a form and manner determined by the scheme manager;

(b) accompanied by such information as the scheme manager may require—

(i) which is within P’s possession, or

(ii) which P may reasonably be expected to obtain; and

(c) received by the scheme manager—

(i) before the end of the period of six months beginning with the day after the day on which the scheme manager sends the notice, or

(ii) by such later time as the scheme manager considers reasonable in all the circumstances of the case.

Commencement Information

I1 Reg. 67 in operation at 1.10.2023, see reg. 1