One of the details hidden away as a reference to another document and then a reference from that document is the amount of “interest” that will be added to amounts owed to members for underpaid lump sums and pension payments.
Under Part 8, “Liabilities and payment”, in Chapter 2. (Page 35 of the draft regulations)
Interest
66.—(1) The scheme manager must calculate interest on a relevant amount described in direction 15 of the PSP Directions 2022 in accordance with the provisions of directions 14 and 15 which apply to that description of relevant amount.
On page 40 of this document is the table that lays out what the “interest” amounts will be…and they fall a long way short of inflation!
For comparison I have added a column to this table showing the inflation factors that were in effect on the dates shown:
https://docs.google.com/spreadsheets/d/1D_wdYsWUPTWMR_Cb6KEq3QNDIlld6AV4dc8_pTGX51g/edit?usp=sharing
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