Local Government Pension Scheme Regulations (Northern Ireland) 2002

Over-provision: calculation and return of surplus AVC and SCAVC funds

86.—(1) The Committee must comply with the requirements of regulation 5 of the AVC Regulations.

(2) If the Scheme is the leading scheme in relation to a member, the Committee must also comply with the requirements of regulation 6 of those Regulations, so far as they concern main schemes.

(3) Where surplus funds fall to be repaid under that regulation because of over-provision relating to death benefits, the Committee must repay the member (or, if he has died, his personal representatives) out of the accumulated value of the payments made by the Committee with respect to the pension policy under regulation 65 or 72(1).

(4) Where any other benefit is abated, the repayment must be made out of the accumulated value of the additional contributions mentioned in regulation 66(2).

(5) In this regulation –

• “AVC Regulations” are the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993(1);

• “leading scheme” and “main schemes” have the respective meanings given in regulation 2 of those Regulations; and

• “surplus funds” has the meaning given in regulation 6 of those Regulations.

(1)

S.I. 1993/3016