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(1), the Committee shall credit to the fund a sum equal to the amount of the premium.