Paragraph 21 Over-provision: calculation and return of surplus fundsF1I1
Northern Ireland
The Committee shall comply—
with the requirements of regulation 5 of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993f1, and
if the Scheme is the leading scheme in relation to a member, with the requirements of regulation 6 of those regulations, so far as they concern main schemes.
Where any surplus funds fall to be repaid in accordance with regulation 6 of those regulations, the Committee shall make the repayment to the member (or, if he has died, to his personal representatives)—
where the over-provision relates to the benefit payable in the event of death, out of the accumulated value of the payments made by the Committee with respect to the pension policy under paragraph 6, and
where any other benefit is abated, out of the accumulated value of the additional contributions mentioned in paragraph 7(2).
In this paragraph—
“leading scheme” and “main schemes” have the meanings given in regulation 2 of those regulations; and“surplus funds” has the meaning given in regulation 6 of those regulations.
Annotations
Textual amendments
- F1
Regulations revoked (1.4.2015) by The Local Government Pension Scheme (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2014 (S.R. 2014/189), regs. 1(1), 2, Sch. 2 (with savings and transitional provisions in reg. 3, Sch. 5)
Commencement
- I1
Sch. C3 para. 21 in operation at 1.8.2000, see reg. A1(1)