Teachers' Superannuation Regulations (Northern Ireland) 1998

Calculation of balance of contributions

C10.—(1) The balance of contributions referred to in regulation C9(4) shall be calculated as at the date of the calculation, or the age of compulsory retirement if earlier (“the calculation date”).

(2) The balance is

where—

• A is the total of the amounts specified in paragraph (3);

• B is the total of the deductions specified in paragraph (4); and

• C is the amount of the tax chargeable on (A − B) under section 598 of the Income and Corporation Taxes Act 1988(1).

(3) The amounts are those of—

(a) all contributions paid, up to the date of receipt of the application for repayment, under regulations C2, C3, C6, C7 and C8, except—

(i) any treated for the purposes of regulation G2 as employers' contributions; and

(ii) any paid in respect of period of employment for which a short service incapacity grant under regulation E17 has been paid; and

(b) contributions paid in respect of any comparable service in respect of which the person is entitled to count as reckonable service by virtue of the receipt of a transfer value; and

(c) if the person was entitled to count any reckonable service by virtue of the receipt of a transfer value in respect of an employment that was not comparable service, either—

(i) any payment by way of repayment of contributions, and interest, that he would otherwise have been entitled to receive under the rules of the superannuation scheme to which he was subject in the employment; or

(ii) if that scheme made no provision for the repayment of contributions, the contributions he paid under it in respect of the employment; and

(d) interest to the calculation date, at 3 per cent per annum, compounded with yearly rests—

(i) on the contributions mentioned in sub-paragraphs (a) and (b), from the first day of the financial year following that in which they were paid; and

(ii) where sub-paragraph (c) applies, from the first day of the financial year following that in which the transfer value was paid.

(4) The deductions are—

(a) the amount of any previous repayment of contributions;

(b) if the Department has made a payment in lieu of contributions, or the person is entitled to equivalent pension benefits, half the amount of the payment in lieu of contributions that was, or as the case may be would otherwise have been, made; and

(c) if the Department has paid a contributions equivalent premium, the amount recoverable by it under sections 57 to 59 of the Pensions Act(2).

(1)

1988 c. 1

(2)

As amended by S.I. 1995/3212 (N.I. 22) Article 147 and Schedule 3, paragraphs 47 to 49