Where a Scheme 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 where the employer is the Committee, retain from the fund a sum not exceeding the premium.

But if the Scheme employer may recover or retain any sum under section 57 of that Act in respect of the premium, then only the balance may be recovered or retained under paragraph (1).

Where a contributions equivalent premium is refunded under regulation 54(1)(c) of the Occupational Pension Schemes (Contracting out) Regulations (Northern Ireland) 199631, the Committee shall credit to the fund a sum equal to the amount of the premium.