457. Payment of contributions equivalent premiums on termination of certified status.

457.     Payment of contributions equivalent premiums on termination of certified status.

The former provision for payment of state scheme premiums on the termination of a scheme's certified status was replaced, under the Pensions Act 1995, by provision for the payment of contributions equivalent premiums1. Where:

  1.  

    (1)     an earner2 was serving in employment which is contracted-out employment3 by reference to an occupational pension scheme4 (other than a money purchase scheme5);

  2.  

    (2)     head (1) ceased to apply, by reason of any of the circumstances in heads (a) to (e) below, before the earner attained the scheme's normal pension age6