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Occupational Pension Schemes (Contracting-out) Regulations 1996

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This is the original version (as it was originally made).

Payment of a contributions equivalent premium.

52.—(1) A contributions equivalent premium which the trustees have elected to pay shall be paid on or before whichever is the later of the following days—

(a)the day 6 months after the date of termination of contracted-out employment in respect of which the premium is payable; or

(b)the day one month after the day on which the Secretary of State sends to the trustees a notice certifying the amount of the premium payable.

(2) Where the amount of any contributions equivalent premium which is payable does not exceed £17, the trustees shall not be liable to pay it and, accordingly, if it is not paid, it shall be treated as paid for the purposes of section 60 (effect of payment of premium on rights) and section 48A(2) (additional pension and other benefits) of the 1993 Act.

(3) Any liability for a contributions equivalent premium shall be a liability to make payment out of the resources of the scheme.

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