Regulation R5 Pensions Order premiums

Where a contributions equivalent premium under Part III of the Pensions Order is paid in respect of any pensionable employee, the Committee shall be entitled to charge to the fund a sum not exceeding the amount of that premium, less the amount (if any) which the Committee could recover or retain under Article 48 of that Order in respect of the premium.

Where such a contributions equivalent premium is refunded under regulation 23(3)(c) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1985^f1, the Committee shall credit to the fund a sum equal to the amount of the premium.

Where a transfer premium under Article 46A^f2 or a limited revaluation premium under Article 47 of the Pensions Order is paid in respect of any officer the Committee shall be entitled to charge to the fund a sum not exceeding the amount of that premium.