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V22.—(1) Regulation T10 (interest on late payment of benefits) applies in respect of a pension credit member with the following modifications.
(2) In paragraph (2)—
(a)the reference to “member” is a reference to “pension credit member”; and
(b)the reference to “member’s” is a reference to “pension credit member’s”.
(3) In paragraph (4) in the definition of “due date”—
(a)in sub-paragraph (a)—
(i)the reference to “a lump sum under Part F above” is a reference to “a lump sum under regulation V13, V14 or paragraph 2 of Schedule 2”; and
(ii)the reference to “the member’s death” is a reference to “the death of the person entitled to the pension credit or the pension credit member”;
(b)sub-paragraphs (a)(ii), (iii) and (iv) are omitted; and
(c)in sub-paragraph (a)(v) the reference to “of the member’s retirement from pensionable employment” is a reference to “when the pension credit member becomes entitled to the payment of pension credit benefit”.
(4) In paragraph (4) in the definition of “qualifying payment” the reference to “, or by way of a refund of contributions,” is omitted.
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