78.—(1) Where the Committee pays a contributions equivalent premium under section 51 of the 1993 Act in respect of any member, it is entitled to retain from the pension fund a sum not exceeding the contributions equivalent premium.
(2) Where the Committee may retain any sum under section 57 of that Act in respect of the premium, then only the balance may be retained under paragraph (1).
(3) Where the contributions equivalent premium is refunded under regulation 54(1)(c) (re-entry into employment which is contracted out by reference to the same scheme) of the Occupational Pension Schemes (Contracting-out) Regulations (Northern Ireland) 1996(1), the Committee shall credit to the pension fund a sum equal to the amount of the premium.