{
  "url": "https://openlegislation.uk/local-government-superannuation-national-rivers-authority-regulations-1992/regulation-5",
  "json_url": "https://openlegislation.uk/local-government-superannuation-national-rivers-authority-regulations-1992/regulation-5.json",
  "legislation": "uksi/1992/1991",
  "legislation_title": "The Local Government Superannuation (National Rivers Authority) Regulations 1992",
  "legislation_url": "https://openlegislation.uk/local-government-superannuation-national-rivers-authority-regulations-1992",
  "path": "regulation/5",
  "kind": "regulation",
  "number": "5",
  "heading": "Refund of contributions",
  "text": "(1) Where a transferred NRA employee has made contributions to a scheme for the 1988/89 period at a higher rate than that at which they would have been payable under regulation C2 of the principal Regulations for that period if he had not joined a scheme, the National Rivers Authority shall within 6 months after the date these Regulations come into force pay that person the aggregate of–\n(a) an amount equal to–\nA-B where–\nA is the total amount of contributions paid by him to a scheme for the 1988/89 period; and\nB is the total amount of contributions which would have been payable by him under regulation C2 of the principal Regulations for that period if he had not joined a scheme; and\n(b) interest on the amount payable under sub-paragraph (a) calculated at the standard rate on a day to day basis from 1st September 1989 to the date of payment and compounded with 3 monthly rests.\n(2) The National Rivers Authority shall deduct from any payment under this regulation any tax to which it may become chargeable under section 598 of the Income and Corporation Taxes Act 1988 (which relates to charge to tax on repayment of employee’s contributions).\n(3) For the purposes of paragraph (1)(b)–\n(a) the standard rate, in relation to a year or part of a year, is the base rate quoted by the reference banks and effective on 15th March (or, if that day is not a business day, the next business day) of the preceding year; or if different base rates are quoted and so effective, the rate which, when the base rate quoted by each bank is ranked in a descending sequence of seven, is fourth in the sequence;\n(b) the reference banks, in relation to any 15th March, are the seven largest institutions–\n(i) authorised by the Bank of England under the Banking Act 1987, and\n(ii) incorporated in and carrying on a deposit-taking business within the United Kingdom, which quote a base rate in sterling effective as mentioned in sub-paragraph (a);\n(c) the size of an institution is to be determined by reference to its total consolidated gross assets denominated in sterling, as shown in its audited endyear accounts last published before the relevant 15th March;\n(d) a “deposit-taking business” has the meaning given in section 6 of the Banking Act 1987 but subject to any order under section 7 of that Act; and\n(e) “year” means a period of 12 months beginning with 1st April.\n(4) In paragraph (3)(c), the reference to the “consolidated gross assets” of an institution is a reference to the gross assets of that institution together with any subsidiary (within the meaning of section 736 of the Companies Act 1985).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1988 c. 1; section 598(1) was amended by the Finance Act 1989 (c. 26), Schedule 6, paragraph 10."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1987 c. 22."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "1985 c. 6; section 736 was substituted by section 144(1) of the Companies Act 1989 (c. 40)."
    }
  ],
  "outstanding_effects": [
    {
      "type": "substituted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    },
    {
      "type": "word substituted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    },
    {
      "type": "revoked",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    },
    {
      "type": "words substituted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    },
    {
      "type": "inserted",
      "affecting": "uksi/2001/3649",
      "affecting_title": "The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1992/1991/regulation/5",
    "retrieved_at": "2026-10-29T14:17:19.684338+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}