Regulation C13 Repayment of returned contributions

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

Regs mod. by Teachers' Superannuation 1997 regs.2,41
reg.C13(3) rev.in pt. by Teachers' Superannuation 1997 regs.2,9(a)
reg.C13(3A) added by Teachers' Superannuation 1997 regs.2,9(b)
reg.C13(4) substituted by Teachers' Superannuation 1997 regs.2,9(C)
reg.C13(7) added by Teachers' Superannuation 1994 reg.7
reg C13 am by Teachers' Superannuation 2001 regs 2, 9
reg C13 am by Teachers' Superannuation 2003 regs 2, 6
reg C13 rev in pt by Teachers' Superannuation 2004 regs 2, 4

(1)

A teacher to whom contributions were returned before 1st June 1973–

(a)

who is in pensionable employment; or

(b)

who is in comparable British service and in respect of whom no transfer value has been paid since the end of his last pensionable employment,

may at any time, by giving written notice to the Secretary of State, elect to repay the contributions, with interest, to him.

(2)

Interest is payable at the rate of 3.5 per cent per annum from the date on which the contributions were returned to the date on which their repayment is completed, and–

(a)

where the repayment is made by a single payment, is payable on the full amount of the contributions and is compounded with yearly rests; and

(b)

where the repayment is made by instalments, is payable on the balance for the time being outstanding and is compounded with yearly rests on 31st March.

(3)

While a teacher is in pensionable employment, payments under this regulation shall be made in instalments of equal amounts and are, subject to paragraph (4), payable–

(a)

at equal intervals, of not more than 6 months; and

(b)

for a whole number of years not exceeding 5 and ending before his 60th birthday.

(4)

The annual amount of instalments paid under paragraph (3) is not to exceed (A−B), where–

A is 9 per cent of the annual rate of the teacher’s contributable salary at the date on which notice of the election is received, and
B is the excess over 6 per cent of that rate of any amounts to be deducted under regulation C14.

(5)

If a teacher has commenced to pay instalments in accordance with this regulation and before they have all been repaid–

(a)

he becomes entitled to payment of retiring allowances; or

(b)

a death gratuity becomes payable in respect of him,

the balance outstanding, less any interest previously calculated but which relates to a future period of repayment, is to be deducted from the appropriate terminal sum and the repayment of contributions is to be treated as having been completed.

(6)

If, in a case not falling within paragraph (5), a teacher who has commenced to pay instalments in accordance with this regulation ceases to be employed in pensionable employment before completing payment, he shall make a single payment of the balance outstanding, less any interest previously calculated but which relates to a future period of repayment.