Estimated deficitsN.I.
134.—(1) Where, having taken into account the estimate, and any other relevant information, it appears to the Department that the total amount likely to be payable out of the FPF in the relevant financial year will exceed the total amount likely to be payable into that FPF in that year, the Department must pay an amount to the scheme manager equal to 80% of the likely deficit.
(2) Where, having taken into account any revised estimate and any other relevant information, it appears to the Department that—
(a)the total amount likely to be payable out of the FPF in the relevant financial year will exceed the total amount likely to be paid into the FPF in that year; and
(b)80% of the likely deficit is more than—
(i)the amount paid or payable by the Department to the scheme manager under paragraph (1) of this regulation in relation to the relevant financial year, or
(ii)where no such amount was paid or payable by the Department, zero,
the Department may pay to the scheme manager such amount as the Department thinks fit.
(3) Where the Department has paid an amount to a scheme manager under paragraphs (1) and (2), the total of these amounts must not exceed 80% of the deficit of the FPF for that year.
(4) Where the Department pays an amount to a scheme manager under paragraph (2), any amount paid or payable by that scheme manager to the Department in relation to the relevant financial year under regulation 135(1) (estimated surpluses) must not be paid, or if paid, the Department must repay it.
(5) The Department must make the payment to the scheme manager under paragraph (1) before the end of July of the relevant financial year or as soon as practicable thereafter.
(6) Where the Department makes a payment under paragraph (2) or a repayment under paragraph (4), the payment or repayment must be made before the end of the relevant financial year or as soon as reasonably practicable thereafter.