114Interest on arrears

114 Interest on arrears

(1) Interest shall be payable by a contributor on any contributions in arrear, at such rate as is from time to time determined by the Board by notice in the Gazette. (2) Where, before the commencement of these Regulations, the Board had, under section 85A of the Superannuation Ordinance, by notice in the Papua New Guinea Gazette, determined rates of interest, being determinations that were in force immediately before the commencement of these Regulations, those determinations shall, for the purposes of these Regulations, be deemed to be determinations made under this regulation. (3) Interest is payable on contributions in arrear as from the dates on which the contributions became or become payable. (4) If, after examination of the circumstances relating to the non‑payment of any contribution by a contributor the Board is satisfied that it is desirable so to do, the Board may waive payment of all or any part of any interest on the arrears.