PART 9Contributions

CHAPTER 3Repayment of members' contributions after short service

Calculation of balance of contributions191.

(1)

The balance of contributions is (A-B)-C, where—

  • A is the total of the amounts specified in paragraph (2);

  • B is the total of the deductions specified in paragraph (3); and

  • C is the amount of tax chargeable on (A-B) under section 205 of the Finance Act 2004.

(2)

The amounts are—

(a)

all members' contributions, additional pension contributions, buy-out contributions and faster accrual contributions paid up to the date of receipt of the application for repayment, except any paid in respect of a period of pensionable service for which a short-service serious ill-health grant has been paid; and

(b)

interest on those contributions from the first day of the financial year following that in which they were paid to the date of payment at 3% per year, compounded with yearly rests.

(3)

The deductions are—

(a)

the amount of any previous repayment under regulation 189; and

(b)

if the Department has paid a contributions equivalent premium, the amount recoverable by it under sections 57 to 59 of the Pension Schemes Act.