PART 1Public service pension schemes
CHAPTER 3Local government schemes
Further provision about final salary benefits, special cases and compensation
I1I384Interest and process
1
Scheme regulations for a local government new scheme may make provision—
a
under which interest is required to be calculated and paid on relevant amounts;
b
about the process by which relevant amounts (and any interest on them) are to be paid.
2
Scheme regulations made by virtue of subsection (1)(b) may, in particular, include provision—
a
about when relevant amounts (and any interest on them) are to be paid (including provision under which they are paid in instalments);
b
under which relevant amounts (and any interest on them) may be paid only on the making of an application;
c
conferring rights of appeal against decisions taken under the regulations.
3
In this section “relevant amounts” means any amounts that are payable by the scheme to a person under or by virtue of this Chapter.
I2I485Treasury directions
1
The powers mentioned in subsection (2) must be exercised in accordance with Treasury directions.
2
The powers are—
a
the power to make scheme regulations by virtue of section 80 (pension credit members) and any powers exercisable by virtue of such regulations;
b
the power to make scheme regulations by virtue of section 81 (further powers to make provision about special cases) and any powers exercisable by virtue of such regulations;
c
the power of a scheme manager under section 82(1) (power to pay compensation);
d
the power to make scheme regulations by virtue of section 82(2) (power to require employer to reimburse compensation paid by scheme manager) and any powers exercisable by virtue of such regulations;
e
the power to make scheme regulations by virtue of section 83(1) (indirect compensation) and any powers exercisable by virtue of such regulations;
f
the power to make scheme regulations by virtue of section 84(1) (interest and process) and any powers exercisable by virtue of such regulations.
3
Treasury directions under this section may provide for amounts that are to be paid by a scheme in relation to a member to be determined—
a
taking into account the particular circumstances of the member and (if different) the person to whom the amount is to be paid, or
b
without taking into account any or all of the particular circumstances of that person or those persons.
4
Treasury directions under this section that relate to the calculation and payment of interest, and variations and revocations of such directions, may only be made after consultation with the Government Actuary.
5
For the definition of “Treasury directions”, see section 87(1).