SCHEDULE 1
PAYMENTS OF CAPITAL AND INTEREST IN RESPECT OF ONE HALF OF THE SUM OF THE CAPITAL VALUES SPECIFIED IN ARTICLES 3 AND 5
SCHEDULE 1
PART I
1.—(1) In this Schedule—
“outstanding balance”, in relation to any Table A amount, means the Table A amount reduced by the amount of any payments made under paragraph 3, increased by any accrued interest required to be added to that amount by any provision of this Schedule and reduced by the amount of any such interest which has been paid;
“section” means the 1994 Pensioners “A” Section;
“Special Reserve Fund” means the fund referred to as the Special Reserve Fund in Rule 13A of the Rules of the section; and
“Table A amount” means any amount specified in column 2 of Table A.
(2) In the event that any index referred to in this Schedule is not published within 15 days of the date on which such index should have been published the relevant provision shall be taken to refer to such value as the actuaries shall determine to be appropriate in all the circumstances of the case.
(3) In this Schedule, unless the context otherwise requires, any reference—
(a)
(a) to a numbered paragraph is to the paragraph in this Schedule which bears that number;
(b)
(b) to a numbered sub-paragraph is to the sub-paragraph which bears that number of the paragraph in which the reference appears; and
(c)
(c) to a lettered Table is to the Table bearing that letter in this Schedule.
PART II
2.—(1) The Secretary of State shall make six equal payments amounting in aggregate to £9,972,000, the first such payment to be made on 14 October 1994 and subsequent payments to be made on the fourteenth day of each following month.
(2) Interest shall accrue from 13 October 1994 on the outstanding balance for the time being of the amount specified in sub-paragraph (1), on 13 March 1995, at the rate of 4¼ per cent per annum, and the Secretary of State shall pay the interest which has so accrued on 14 March 1995.
(3) In this paragraph “outstanding balance”, in relation to the amount specified in sub-paragraph (1), means that amount reduced by the amount of any payments made under sub-paragraph (1).
3. The Secretary of State shall, in respect of each Table A amount, make twelve equal payments amounting in aggregate to that amount, the first such payment to be made on 14 April of the year specified in column 1 of Table A in relation to that amount and subsequent payments to be made on the fourteenth day of each following month.
4.—(1) Subject to sub-paragraph (3), interest shall accrue from 13 October 1994 to 13 October 1995 and during subsequent relevant periods on the outstanding balance of each Table A amount, on 13 October of each year, at the rate determined in accordance with sub-paragraph (2) in relation to the relevant period.
(2) Subject to sub-paragraph (3), the rate in relation to any relevant period shall be:—
per cent per annum.
(3) Where paragraph 3 requires the Secretary of State to commence payment of a Table A amount during a relevant period, the rate at which...
