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76.—(1) Where all or part of a pension or lump sum payment due under these Regulations (other than a payment due under regulation 17 (additional voluntary contributions)) is not paid within the relevant period after the due date, an administering authority must pay interest on the unpaid amount to the person to whom it is payable.
(2) The relevant period is—
(a)in the case of a survivor pension, the period ending one month after the date on which the administering authority receives notification of the member's death;
(b)in the case of any other pension, one year; or
(c)in the case of a lump sum payment, one month.
(3) The due date is—
(a)in the case of a pension, the date on which it becomes payable;
(b)in the case of a lump sum under regulation 32 (election for lump sum instead of pension) the benefit crystallisation event date;
(c)in the case of a death grant, the date on which the member dies or, where notification of death is received more than 2 years after the date of death, the date of notification; or
(d)in the case of a lump sum under regulation 33 (commutation and small pensions) the date of the commutation election or, if later, the nominated date within the meaning of paragraph 7(3) of Part 1 of schedule 29 of the Finance Act 2004 M1.
(4) Interest payable under this regulation is calculated at one per cent above base rate on a day to day basis from the due date of payment and compounded with 3-monthly rests.