SECTION 5: BENEFITS IN THE EVENT OF ILL-HEALTH RETIREMENT:
DEATH: RESIGNATION
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Return of basic contributions
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| 5.14 |
Subject to the limitations specified in Rule 5.13, a member
with less than 2 years' qualifying service who ceases to be in employment
without being entitled to receive any of the other benefits provided by
the Scheme shall be entitled to a return of basic contributions (in addition
to any appropriate refund of contributions for family benefits in accordance
with Rule 5.18).
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Payment
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| 5.15 |
(1) |
Payment of a return of basic contributions shall be subject
to paragraph (2) of this Rule and to Rule 5.16. The expression "return
of basic contributions" does not include a refund of contributions
paid for family benefits or under Rule 2.08 (early qualification for benefits);
and
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(a) |
means a sum equal to:
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(i) |
the contributions which the member concerned has paid under
Rule 2.01 together with (in respect of service before 1 October 1973 or
in the case of a former non industrial scheme member in respect of service
before 1 June 1972) such sum (if any) calculated in accordance with the
Rule 19(a)(i) of the Former Rules or, in the case of a former non industrial
scheme member, in accordance with Rule 12 (3)(a)(i) of the Former Rules
of the Principal Non Industrial Superannuation Scheme as would have been
returnable to the member by way of a return of contributions under those
Former Rules; and
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(ii) |
such share of any sum paid in respect of back service credit
as may, in the opinion of the Actuary, represent the personal contributions
of the member, but not including the share thereof representing the contribution
of the member's former employer or the share thereof applied in payment
for family benefits under Rule 9.19; and
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(iii) |
any payments made by the member under the Scheme for added
years other than any element in such payments for family benefits;
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with compound interest accruing on each of the said items
at a rate of 3 % per annum up to 5 April 1978, and 4 % to 4 July 1991, and
the yearly average of the Building Society rate as amended annually by the
Cabinet Office (OPS) with yearly rests, from 5 July 1991, up to and including
31 March 1994 and thereafter at the yearly average rate for share accounts
as announced annually by the Minister, with yearly rests, from 1 April 1995;
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(b) |
includes, in a case where the Authority hold or have held
in respect of a member a policy of assurance or a deferred annuity policy
under the provisions or Former Rule 10 or, in the case of a former non industrial
scheme member, Former Rule 3(1)(c) of the of the Principal Non Industrial
Superannuation Scheme or otherwise, the assignment to the member of the
whole or such part of the policy or the payment of a sum equivalent thereto
as the Authority may in their discretion determine and on such conditions
as they may impose having regard to the advice of the Actuary.
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(2) |
No return of basic contributions shall be paid (nor shall
any associated payment under Rule 5.03(ii) or 8.09 of Appendix 8 be paid)
to any member whose service includes service after 5 April 1978, which is
contracted-out service under the Social Security Pensions Act 1975, as amended,
unless a Contributions Equivalent Premium is paid on his behalf. A member
who would have been entitled to be paid a return of basic contributions,
if the conditions set out in Section 42 of that Act for payment of such
a premium had been satisfied, shall be entitled to benefit under Rule 5.01,
5.09 or Appendix 8 (as the case may be) as if any condition therein requiring
him to have completed 2 or more years' qualifying service was satisfied.
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Deduction from return of basic contributions
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| 5.16 |
In making a return of basic contributions, the Authority may
deduct:
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(a) |
10 % (or, where the return is paid after 31 October 1988 such
other percentage as is prescribed by or made under paragraph 2 (3) of Part
II of Schedule 5 to the Finance Act 1970) in respect of tax from any element
in such return representing periodical contributions from pensionable earnings;
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(b) |
any sum due from the member in accordance with Rules 4.09,
6.10, 6.12 and 6.57, or otherwise in accordance with the Rules.
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