Regulation 49 Contributions equivalent premiumsI1

Where an employing authority pays a contributions equivalent premium under section 55 of the Pension Schemes Act 1993 in respect of a member, that employer may recover or, if an administering authority, may retain from the appropriate fund a sum not exceeding the premium.

But if the employing authority may recover or retain any sum under section 61 of that Act in respect of the premium, only the balance may be recovered or retained under paragraph (1).

Where a contributions equivalent premium is refunded under regulation 54(1)(c) of the Occupational Pension Schemes (Contracting-out) Regulations 1996 (re-entry into employment which is contracted-out by reference to the same scheme)^f1, the authority to which it is refunded must pay to the appropriate fund a sum equal to the amount of the premium.