Regulation 24 Amendment of the Principal RegulationsI1

at the end of paragraph (1) insert “and pay the relevant employing authority an amount determined by an actuary as representing the capital value of those benefits”; and

after paragraph (3) insert—

“(4)

But if a contributions equivalent premium or a payment in lieu of contributions is due or has been made in respect of the former employee, the Committee may reduce an amount retained or a payment under paragraphs (1) or (2) by the amount of the contributions equivalent premium and by half the amount of any payment in lieu of contributions.”.