Repayment of investments in certain cases14

1

In the case of a person who—

a

ceases to be employed in pensionable employment;

b

has applied for a refund of contributions under—

i

regulation E15 of the 2011 Regulations (early leavers' entitlement to refund of contributions);

ii

regulation 2.C.18 or 3.C.16 of the 2013 Regulations (repayment of contributions); or

iii

regulation 39 of the 2015 Regulations (eligibility for refund); and

c

has applied for and received such a refund of contributions,

the Scottish Ministers must make arrangements for that person, subject to paragraph (2), to receive a lump sum representing the total realisable value of the investments made by the Scottish Ministers in respect of that person under regulation 8(1), 9(2) or 10(4) less the amount of tax chargeable under the 2004 Act in accordance with regulation 15(4).

2

Where, in the circumstances mentioned in paragraph (1), contributions have been made by an employer, the Scottish Ministers must make arrangements for that employer to receive a lump sum representing the total realisable value of the investments made by the Scottish Ministers in respect of contributions made by that employer under regulation 8(1) less the amount of tax chargeable under the 2004 Act.