Regulation N1 Refund to contributor

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg N1 am (retrosp) (to 1.12.2000) by Parliamentary Pensions (Pension Sharing) 2001 reg 2(1), Sch 1, para 8
reg. N1(4) words substituted by Parliamentary Pensions 2004 reg. 8
reg. N1(2)(b) words inserted by Parliamentary Pensions 2006 reg. 16(2)(a)(i)
reg. N1(2)(bb) inserted by Parliamentary Pensions 2006 reg. 16(2)(a)(ii)
reg. N1(3) omitted by Parliamentary Pensions 2006 reg. 16(2)(b) Sch. 2
reg. N1(4) words omitted by Parliamentary Pensions 2006 reg. 16(2)(c) Sch. 2
reg. N1(6) words substituted by Parliamentary Pensions 2006 reg. 16(2)(d)

(1)

Subject to paragraphs (3) and (6) below contributions paid by a person and not previously refunded to him, shall be refunded to him by the Trustees, with interest from the dates on which the contributions were paid respectively, if he requests the Trustees to refund the contributions to him and, on the date of that request, the conditions specified in the next following paragraph are fulfilled in relation to him.

(2)

The conditions referred to in paragraph (1) of this regulation are that—

(a)

the person has ceased to be a participant on or after 1st January 1972;

(b)

his aggregate period of reckonable service as a participant is less than two years;

(c)

he has not become Prime Minister and First Lord of the Treasury, Speaker of the House of Commons or Lord Chancellor; and

(d)

he has not become entitled to a pension under these Regulations.

(3)

A person shall not be entitled to a refund of the contributions paid by him, if that person is a person who in the case of a man had ceased to be a participant during or on a date after the end of the tax year in which he attains the age of sixty-five years or in the case of a woman had ceased to be a participant during or on a date after the end of the tax year in which she attained the age of sixty years.

(4)

If, after the refund of contributions to him under this regulation, the person becomes entitled to pay and pays contributions under regulation D1 or regulation D2, he may—

(a)

if he so desires, and makes the repayment before the end of the period of three months beginning with the date on which he becomes so entitled, or

(b)

after the end of that period, if the Trustees so allow,

repay to the Trustees the sum so paid to him, with interest from the date on which it was paid to him provided that in any tax year the amount of the repayment together with—

(i)

the contributions made by him under regulation D1 or regulation D2; and

(ii)

any contributions made by him under regulation Q1; and

(iii)

any other additional voluntary contributions

shall not exceed 15 per cent of his salary as a Member of the House of Commons or as an office holder or both or, in the case of a person who became a participant on or after 1st June 1989, the smaller of 15 per cent of that salary or salaries and 15 per cent of the permitted maximum; and any sum to be paid to the trustees under this paragraph may, if the Trustees so allow, be paid by instalments over such period, not exceeding three years, as the Trustees think fit.

(5)

Any amount (whether of principal or interest) paid by the participant to the Trustees under paragraph (4) of this regulation shall be treated for the purposes of this regulation as if it were a contribution paid by him at the time when he makes that payment.

(6)

The Trustees shall deduct from the amount of any contributions which may be repaid to a person in accordance with the provisions of this regulation the amount certified by the Secretary of State in accordance with Section 47(2) of the Pensions Act 1975 in respect of that person.

(7)

For the purpose of calculating a person’s actual period of reckonable service as a participant, no account shall be taken of any period in respect of which contributions paid by that person have been—

(a)

refunded to him under this regulation; and

(b)

not subsequently repaid by him to the Trustees.