Regulation 92 Contributions equivalent premiums

Where a Scheme employer pays a contributions equivalent premium under section 55 of the Pension Schemes Act 1993^f1 in respect of a member, that employer may recover or, if an administering authority, retain from the appropriate fund a sum not exceeding the premium.

But if the Scheme employer may recover or retain any sum under section 61 of that Act in respect of the premium, then 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^f2 (re-entry into employment which is contracted-out by reference to the same scheme), the authority to whom it is refunded must pay to the appropriate fund a sum equal to the amount of the premium.