Over-provision: calculation and return of surplus funds
21.—(1) The Committee shall comply—
(a)with the requirements of regulation 5 of the Retirement Benefits Schemes (Restriction on Discretion to Approve) (Additional Voluntary Contributions) Regulations 1993(1), and
(b)if the Scheme is the leading scheme in relation to a member, with the requirements of regulation 6 of those regulations, so far as they concern main schemes.
(2) Where any surplus funds fall to be repaid in accordance with regulation 6 of those regulations, the Committee shall make the repayment to the member (or, if he has died, to his personal representatives)—
(a)where the over-provision relates to the benefit payable in the event of death, out of the accumulated value of the payments made by the Committee with respect to the pension policy under paragraph 6, and
(b)where any other benefit is abated, out of the accumulated value of the additional contributions mentioned in paragraph 7(2).
(3) In this paragraph—
“leading scheme” and “main schemes” have the meanings given in regulation 2 of those regulations; and
“surplus funds” has the meaning given in regulation 6 of those regulations.