29Payments by employer

29 Payments by employer

29 Payments by employer

(1) In this section a reference to an employer in relation to the payment of a benefit from the Fund is a reference to the employer at the time that benefit becomes payable.

(2) When a lump sum benefit becomes payable from the Fund the employer shall pay to the Board without further appropriation than this Act—

(a) in the case of a lump sum benefit payable under section 23, or under paragraph (a) of subsection (1) of section 24, or under section 26 otherwise than by reason of the death of the contributor before he attained the age of sixty years—an amount equivalent to sixty per centum of the lump sum benefit so payable or any lump sum benefit that would have been so payable had it not been converted into a pension, or

(b) in the case of a lump sum benefit payable under paragraph (b) of subsection (1) of section 24, or under section 26 by reason of the death of the contributor before the date on which he attained the age of sixty years—an amount equivalent to fifty per centum of the lump sum benefit so payable.

(2A) In the case of a lump sum benefit payable under section 26 on or after the commencement of paragraph (k) of subsection (1) of section 2 of the Transport Employees Retirement Benefits (Amendment) Act 1971, the employer shall, notwithstanding the provisions of subsection (2), pay to the Board without further appropriation than this Act an amount equivalent to the sum total of—

(a) the amount, if any, by which the lump sum benefit payable under section 26 exceeds the lump sum benefit or amount which would be payable if the said paragraph (k) had not been enacted, and

(b) the payments, if any, which the employer would be required to make if his liability were determined under subsection (2), and if the said paragraph had not been enacted.

(3) The payments required to be made to the Board by the employer pursuant to subsection (2) or subsection (2A) shall be paid by the employer to the Board within a period of fourteen days after a requisition, certifying that the amounts shown therein are payable by the employer in accordance with subsection (2) or (2A) as the case may be, has been served by the Board on the employer.

(4) Where any such payment is not made in accordance with subsection (3), the Board may, by notice in writing, require the employer to pay, in addition to that payment, interest calculated at the average earning rate of the Fund during the immediately preceding financial year on the amount not paid, compounded annually at the end of each financial year, for the period from fourteen days after the service on the employer of the requisition referred to in subsection (3) to the date the amount is paid to the Board, and, upon receipt of the notification, the employer shall pay to the Board within fourteen days the amount of interest specified in the notification.