P12.—(1) Where—
(a)a benefit under regulation E16 or E18(1) (“the combined benefit”) becomes payable out of a superannuation fund (“the new fund”), and
(b)a benefit (“the replaced benefit”) would otherwise have become or remained payable out of another fund,
the authority maintaining the new fund ('the new authority“) shall as soon as is reasonably practicable notify the authority maintaining the other fund (”the previous authority") that the combined benefit has become payable.
(2) On being notified under paragraph (1), the previous authority shall, as from the date from which the combined benefit became payable and so long as it remains payable, make payments in accordance with paragraph (3) to the new authority, who shall carry them to the new fund.
(3) Subject to paragraph (4), the payments to be made under paragraph (2)—
(a)are payments at an annual rate equal to that of the replaced benefit, and
(b)are to be made on 31st March, 30th June, 30th September and 31st December, unless longer intervals are agreed by the two authorities.
(4) Where after the combined benefit became payable the previous authority have made any payment in respect of the replaced benefit to a person appearing to them to be entitled to it, the amount of that payment shall be deducted—
(a)by the new authority from the combined benefit, and
(b)by the previous authority from the amount to be paid by them under paragraphs (2) and (3).
(5) If all or part of any sum due under this regulation remains unpaid at the end of the period of one month after the latest of—
(a)the date on which it becomes due, and
(b)the date of receipt of notification under paragraph (1),
the new authority may require the previous authority to pay interest, calculated at the standard rate on a day to day basis from the due date of payment to the date of payment, and compounded with 3-monthly rests, on the amount remaining unpaid.
(6) Interest paid under paragraph (5) shall be carried to the new fund.