Regulation 4 Excluded payments

An excluded payment is a payment by the administrator which falls within any of the following descriptions—

(a)

Any payment to the employer—

(i)

by way of reimbursement of expenditure properly incurred by the employer in respect of an obligation of the administrator in respect of the scheme;

(ii)

by way of interest on or repayment of a loan from the employer;

(iii)

by way of loan or investment of scheme funds provided it is a loan or investment showing a reasonable commercial return;

(iv)

which the administrator is obliged to make under the provisions of a scheme to enable the employer to obtain the discharge by a member of the scheme of some monetary obligation due to the employer which arises out of a criminal, negligent or fraudulent act or omission by the member concerned.

(b)

a reimbursement of a payment by the employer of a state scheme premium to which section 42 or 45 of the Social Security Pensions Act 1975^f1 applies.

Annotations

Footnotes

f1: 1975 c. 60; sections 42 and 45 were amended by paragraph 25 of Schedule 5 to the Social Security Act 1985 (c. 53). Section 45 was also amended by section 22 of the Social Security (Miscellaneous Provisions) Act 1977 (c. 5), section 3 of the Social Security Act 1980 (c. 30) and paragraph 5 of Schedule 3 to the Social Security Act 1985.