PART 9AMENDMENTS TO SECONDARY LEGISLATION
The Teachers' Pensions Regulations 1997 (S.I. 1997/3001)
Interest on late payment of certain benefits563
1
In regulation E34 of the Teachers' Pensions Regulations 1997358, for paragraph (5)(b) substitute—
b
“the reference banks” means the four largest persons for the time being who—
i
have permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits;
ii
are incorporated in the United Kingdom and carrying on there a regulated activity of accepting deposits;
iii
quote a base rate applicable to sterling deposits.
2
After paragraph (5) of that regulation insert—
6
Paragraph (5)(b) must be read with—
a
section 22 of the Financial Services and Markets Act 2000;
b
any relevant order under that section; and
c
Schedule 2 to that Act.