Late payments, interest on
243 Late payments, interest on
If a benefit is not paid on the day on which it becomes payable, interest accrues on the benefit —
at a rate equal to —
for any part of the benefit consisting of an amount equal to the balance of the Member’s accumulation account, the Member’s earning rate (which may be positive or negative); or
for any other part of the benefit, the CPI rate plus 2%;
and
from the day on which the benefit became payable up to, but not including, the day on which it is paid; and
in a manner determined by the Board.
[Regulation 243 amended: Gazette 29 Jun 2001 p. 3104; 28 Jun 2002 p. 3021; 19 Mar 2003 p. 841; 26 May 2006 p. 1927; 13 Apr 2007 p. 1663.]
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