Regulation R4 Provisions as to contributions equivalent premiums

Where a scheduled body pay a contributions equivalent premium under Part III of the Pensions Act in respect of any pensionable employee, they are entitled to recover, or if they are an administering authority to retain, out of the appropriate superannuation fund a sum not exceeding the amount of that premium, less the amount (if any) which they could recover or retain under section 47 of that Act in respect of the premium.

Where such a contributions equivalent premium is refunded under regulation 8(3)(c) of the Occupational Pension Schemes (Contracting-out) Regulations 1984^f1, the authority to whom it is refunded shall pay to the superannuation fund to which the person involved has become a contributor a sum equal to the amount of the premium.