69Interest payable where payment of benefit delayed

69 Interest payable where payment of benefit delayed

(1) Where a benefit is payable as a lump sum to a person and the payment of the benefit is delayed, CSC may, in accordance with this rule, approve an increase, by an amount of interest, in the amount of the benefit payable to the person. (2) Where a pension or associate pension is payable to, or for the benefit of a person and the commencement of the payment of that pension or associate pension is delayed, CSC may, in accordance with this rule, approve an increase, by an amount of interest, in the rate of the pension or associate pension payable to the person for such period as CSC determines. (3) A pension or associate pension is not to be increased under subrule (2) if CSC is of the opinion that the amount of the increase would not be significant. (4) Interest applicable under this rule is calculated in such manner as CSC determines: (a) in the case of a lump sum payment—in respect of the period of the delay; and (b) in the case of a pension or associate pension—in respect of: (i) each instalment of the pension or associate pension delayed; and (ii) the period of delay of that instalment. (5) In this rule:

benefit means ancillary benefit, associate A benefit, associate B benefit, employer benefit or member benefit.