C1C2C4C3C5C6Part III Certification of Pension Schemes and Effects on Members’ State Scheme Rights and Duties

Annotations:
Modifications etc. (not altering text)
C2

Pt. III: power to modify conferred (1.6.1996 for specified purposes, 6.4.1997 in so far as not already in force) by Pensions Act 1995 (c. 26), ss. 149(1), 180(1); S.I. 1996/778, art. 2(6); S.I. 1997/664, art. 2(3), Sch. Pt. 2

C4C3C2C5C6Chapter III Termination of contracted-out or appropriate scheme status: state scheme premiums

State scheme premiums

I162 No recovery of state scheme premiums from earners etc.

1

Notwithstanding any contract to the contrary, a person shall not be entitled—

a

to recover any part of a F1contributions equivalent premium from any earner in respect of whom it is payable; or

b

except in accordance with section 61, to recover or retain any part of such a premium out of any money payable to or for the benefit of the earner or any other person.

2

F2Nothing in subsection (1) affects the right of the trustees or managers of a scheme—

a

in a case where an accrued rights premium or a pensioner’s rights premium has been paid, to reduce the pension of the person in respect of whom the premium has been paid by the amount of his guaranteed minimum pension;

b

in a case where a limited revaluation premium has been paid, to recoup it—

i

out of the resources of the scheme, in so far as they derive from contributions; or

ii

in prescribed cases, out of payments made to them in respect of an earner’s transfer to their scheme from some other scheme;

c

in a case where a state scheme premium has been paid, to make the deduction for which section 96(3) provides when they calculate the cash equivalent to which the earner in respect of whom the premium has been paid has a right under Chapter IV of Part IV.