Section 42 | Provision or payment out of employee benefit contributions

(1)For the purposes of section 38(2)(a)—^F1

(a)any qualifying benefits provided, or

(b)any qualifying expenses paid,

by a scheme manager after the receipt by the scheme manager of employee benefit contributions are treated as being provided or paid out of the contributions.

(2)This operates up to the total amount of the contributions reduced by the amount of any benefits or expenses previously provided or paid as mentioned in section 38(2)(a).

(3)For the purposes of section 38(3)(a) any qualifying benefits provided by a scheme manager after the receipt by the scheme manager of employee benefit contributions are treated as being provided out of the contributions.^F2

(4)This operates up to the total amount of the contributions reduced by the amount of any benefits or expenses previously provided or paid as mentioned in section 38(2)(a) or (3)(a).

(5)For the purposes of this section no account is taken of any other amount received or paid by the scheme manager .^F3