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The Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996

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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 Department 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 44A(2) (additional pension and other benefits) and section 56 (effect of payment of premium on rights) of the 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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