Payment before the end of the resolution
6.—(1) This regulation applies when the notification under regulation 4(1) or a revised notification under 4(3) requires the scheme manager to make payments before the end of the resolution.
(2) The notification or revised notification must also contain an estimate of the total liability, to the best of the Treasury’s knowledge in the circumstances at the time the notification is made and for the purpose of this regulation, this estimate shall constitute Amount A.
(3) The scheme manager will pay Amount A in accordance with the timetable for payments set out in the notification.
(4) Regulations 5(2) to (7) and (9) will then apply.
(5) After the independent verification has taken place, the Treasury will—
(a)make any adjustments to the total liability as a result of the verification, and
(b)send a final notification to the scheme manager setting out the scheme’s total liability, a summary of the amounts paid or to be paid by the scheme, and the date when any outstanding payments (if any) are to be made.
(6) If the scheme’s total liability is less than the aggregate amount already paid by the scheme manager in accordance with the notification, the scheme manager will notify the Treasury and the Treasury will refund the difference.
(7) The Treasury will pay any refund within 28 days of the final notification.
(8) The Treasury will pay interest on the refunded amount at such a rate as may be agreed between the Treasury and the scheme manager.
(9) For the purposes of paragraph (8)—
(a)interest shall be calculated from the date on which the amount paid by the scheme manager under the notification or a revised notification first exceeded the total liability, and
(b)where the notification or a revised notification required several payments to be made, interest shall be calculated on each amount paid by the scheme manager after the date referred to in paragraph (a) from the date on which the relevant amount was paid.