The Occupational Pension Schemes (Contracting-out) (Payment and Recovery of Remaining Balances)Regulations 2000

• Citation: S.I. 2000/750
• Sections: 3

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Occupational Pension Schemes (Contracting-out) (Payment and Recovery of Remaining Balances) Regulations 2000 and shall come into force on 6th April 2000.

(2) In these Regulations–

“the Act" means the Pension Schemes Act 1993;

“the Inland Revenue" means the Commissioners of Inland Revenue;

“the Northern Ireland Act" means the Pension Schemes (Northern Ireland) Act 1993.

Section 2 Payments of amounts by Inland Revenue

(1) A payment by the Inland Revenue of an amount referred to in–

(a) subsection (1D) of section 41 of the Act or subsection (1D) of section 37 of the Northern Ireland Act (reduced rates for members of salary related contracted-out schemes—payment of remaining balance);

(b) subsection (2C) of section 42A of the Act or subsection (2C) of section 38A of the Northern Ireland Act (reduced rates for members of money purchase contracted-out schemes—payment of remaining balance);

shall be made in accordance with paragraph (2) below.

(2) The payments shall be made–

(a) by automated credit transfer into a bank or building society account which relates to the secondary contributor and which accepts payments by automated credit transfer; or

(b) in such other manner as the Inland Revenue may in their discretion approve.

(3) Where an amount to which paragraph (1) above applies would otherwise not be a whole number of pence, it shall be adjusted to the nearest whole number of pence, and any amount of a half penny or less shall be disregarded.

Section 3 Recovery of amounts by Inland Revenue

Where the Inland Revenue are, by virtue of section 41(1E) or 42A(2D) of the Act or section 37(1E) or 38A(2D) of the Northern Ireland Act , entitled to recover an amount from a secondary contributor, that amount–

(a) may, where the amount was originally paid by automated credit transfer under regulation 2(2)(a) above, be recovered in the same manner; or

(b) may be recovered as a debt owed by the secondary contributor to the Inland Revenue.