8CInterest payable where payment of benefit delayed

8C Interest payable where payment of benefit delayed

(1) Where a productivity benefit is payable in respect of a person and the payment of the benefit is delayed, the amount of the benefit payable is increased by an amount of interest calculated, in relation to the amount of benefit accrued and in respect of the relevant period, at the annual interest rate for the calendar year in which the relevant period ends.

Note: Annual interest rate is defined in subclause 3(1).

(2) In subrule (1):

relevant period, in relation to a person, means the period beginning on the day immediately following the day on which the person (being a member) retired or died, as the case may be, and ending 14 days after the day on which the amount of the productivity benefit payable is determined.