The Teachers' Superannuation (Consolidation) Regulations 1988

Return of repaid contributions

C14.—(1) A person to whom contributions were repaid before June 1973—

(a) who is in pensionable employment, or

(b) who is in comparable British service and in respect of whom no transfer value has been paid since the end of his last pensionable employment,

may at any time, by giving written notice to the Secretary of State, elect to return the contributions, with interest, to him.

(2) The return—

(a) may in any case, and

(b) if the amount of the contributions, together with the interest payable, does not exceed £500, must,

be made by a single payment.

(3) Except where paragraph (2)(b) applies, the person may elect to make the return—

(a) if he is in full-time pensionable employment, by instalments under paragraph (5), or

(b) if he is in part-time pensionable employment or in comparable British service, by instalments under paragraph (7).

(4) Interest is payable at the rate of 3.5 per cent per annum from the date on which the contributions were repaid to the date on which their return is completed, and—

(a) where the return is made by a single payment, is payable on the full amount of the contributions and is compounded with yearly rests, and

(b) where the return is made by instalments, is payable on the balance for the time being outstanding and is compounded with yearly rests on 31st March.

(5) Instalments payable under this paragraph are of equal amounts and are, subject to paragraph (6), payable by deduction from the person’s salary for a number of whole years, not exceeding 5 and ending before his 61st birthday, to be specified in the notice of the election.

(6) Where the total of—

(a) the instalments payable by a person under paragraph (5) in any year, and

(b) the other amounts to be deducted in that year under regulation C16, would otherwise exceed 15 per cent of his contributable salary for that year, the instalments are payable for the smallest number of whole years that will secure that that total does not exceed 15 per cent of his annual contributable salary.

(7) Instalments payable under this paragraph are of equal amounts and are, subject to paragraph (8), payable—

(a) at equal intervals, of not more than six months, and

(b) for a period,

determined by the Secretary of State after consulting the person making the election.

(8) The annual amount of instalments paid under paragraph (7) is not to exceed the lesser of—

where—

• A is 9 per cent of the annual rate of the person’s contributable salary at the date on which notice of the election is received,

• B is the amount of the contributions and the interest payable,

• C is the length of the period mentioned in paragraph (7), and

• D is the excess of any amounts to be deducted under regulation C16 over 6 per cent of the annual rate mentioned in A.

(9) Where immediately before 1st November 1988 instalments remained to be paid by virtue of regulation 19B(7) of the 1976 Regulations (certain elections made before April 1984), the person is to be treated as having elected to pay instalments under paragraph (5), but payment is to be completed no later than—

(a) the fifth anniversary of the first payment, or

(b) if earlier, his 60th birthday.