The European Parliamentary (United Kingdom Representatives) Pensions (Amendment) Order 1996

Refunds

4.—(1) If the participant’s accrued aggregate period of reckonable service exceeds that which would provide him with such maximum pension as would be calculated in respect of him at his normal retirement date under Schedule 2 to the principal Order, the Managers shall, in accordance with the provisions of this paragraph, refund to him the contributions he has paid in respect of the excess.

(2) Subject to sub-paragraph (3), when making a refund under sub-paragraph (1), the Managers shall refund contributions in the following order—

(i) contributions paid in respect of any added years included in the participant’s accrued aggregate period of reckonable service; and

(ii) contributions paid in respect of the balance of the excess, the most recent contributions first.

(3) Where the number of added years included in the participant’s accrued aggregate period of reckonable service is greater than the excess, the Managers shall calculate the amount of all his contributions paid in respect of added years and the amount refunded shall be that proportion of the total amount of contributions paid for added years as the excess bears to the number of added years accrued.

(4) When calculating a refund of contributions as at the appointed date, the Managers shall add interest from the dates on which the contributions were paid respectively.

(5) The Managers shall pay any refund with interest from the appointed date when the participant so requests or, if no such request has then been made, when a pension comes into payment to or in respect of him under the principal Order.