18Overpayments and arrears

18 Overpayments and arrears

18 Overpayments and arrears

(1) The amount of any overpayment of contributions to the Fund by a contributor shall—

(a) if it exceeds the prescribed amount—be refunded by the Board to the contributor with interest at a rate determined by the Board, or

(b) if it does not exceed the prescribed amount—be credited by the Board to the contributor’s account.

(2) Where contributions are paid to the Fund at a rate in excess of the rate at which the contributor has for the time being elected to contribute to the Fund, the excess shall be disregarded when calculating the contributor’s contributed points figure under Part 5.

(3) The Board may enter into an arrangement with a contributor, or may require a contributor to enter into an arrangement with the Board, for the payment of arrears of contributions to the Fund that have been incurred, or are expected to be incurred, by the contributor.

(4) Where a contributor—

(a) fails to comply with a requirement under subsection (3) to enter into an arrangement referred to in that subsection, or

(b) having entered into such an arrangement, fails to comply with its terms,

the Board may direct that any month in respect of which any such arrears are outstanding is not an applicable month for the contributor.