Clause 4

in subsection (1), after “subsections (7A),”, insert “(7B),”;

in subsections (7A) and (7G), replace “the effective date” with “1 April 2022”;

after subsection (7A), insert —“(7B) The Board may, on or after 1 April 2024, transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if the Board is satisfied that the member is not an applicable person.”; (d)in subsection (7D), replace “the effective date” with “1 April 2022 or on or after 1 April 2024”;

after subsection (7D), insert —“(7E) Where the Board —

restores or transfers the sum of any initial transfers to a member’s account in the Fund under subsection (7C)(a) (called in this subsection and subsection (7F) S); and

is satisfied that while any part of S was standing to the credit of the member in the general moneys of the Fund, the member was not an applicable person, for any period, on or after 1 April 2024 (called in subsection (7F) the non‑applicable period),the amount of interest that the Board may pay under subsection (7C)(b) in respect of S must not exceed the reduced amount.(7F) In subsection (7E), the “reduced amount” in respect of S is B + C, where —

B is the amount that the Board determines under subsection (7C)(b) in respect of S for the period that any part of S was standing to the credit of the member in the general moneys of the Fund (excluding the non‑applicable period); and

C is the amount computed as if —

the reduced rate prescribed by regulations made under section 77(1) applies to S for the non‑applicable period that is before 1 April 2027 (if any); and

the reduced rate applicable to S for the non‑applicable period that is on or after 1 April 2027 (if any) is nil.”; and

delete subsection (9).