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.