Certain statutory payments to be met out of the fund
Pension increases and cash equivalents under the Pension Schemes (Northern Ireland) Act 1993
L10.—(1) Any increase in a pension which is required by virtue of Chapter III of Part IV of the Pension Schemes (Northern Ireland) Act 1993(1) (protection of increases in guaranteed minimum pensions: anti-franking) shall be paid out of the fund.
(2) Any payment which the Committee is required to make as a result of a person’s taking a right to a cash equivalent under Chapter IV of that Part shall be made out of the fund.
Pension increases under the Pensions (Increase) Act (Northern Ireland) 1971 and the Pensions Increase (Northern Ireland) Order 1974
L11.—(1) Where a pension, within the meaning of the Pensions (Increase) Act (Northern Ireland) 1971(2) (“the Act of 1971”) has become payable under these regulations out of the fund any increase of the pension under the Act of 1971 or the Pensions Increase (Northern Ireland) Order 1974(3) shall be paid out of the fund.
Contributions equivalent premium
L12.—(1) Where a LGPS employer pays a contributions equivalent premium under section 51 of the Pension Schemes (Northern Ireland) Act 1993 in respect of any member, it is entitled to recover, or if it is the Committee to retain, out of the fund a sum not exceeding the amount of that premium, less the amount (if any) which it could recover or retain under section 57 of that Act in respect of the premium.
(2) Where a contributions equivalent premium is refunded under regulation 23(3)(c) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland)1985(4), the Committee shall credit to the fund a sum equal to the amount of the premium.