Sch. 4 inserted (1.4.2015) by The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652), regs. 1, 52

http://www.legislation.gov.uk/uksi/2014/512/schedule/4The Teachers' Pension Scheme Regulations 2014texttext/xmlenStatute Law DatabasePUBLIC SERVICE PENSIONS, ENGLAND AND WALESEDUCATION, ENGLAND AND WALES2024-05-16Expert Participation2024-04-06These Regulations establish a career average re-valued earnings scheme for the payment of pensions and other benefits to and in respect of teachers in England and Wales.SCHEDULE 4

Regulation 225

Scheme valuation and employer cost cap1Scheme valuation report

The scheme manager must commission the scheme actuary to carry out a valuation of this scheme (“scheme valuation”) and any connected scheme, and to prepare a scheme valuation report, in accordance with, and by reference to the effective dates defined and set out in HM Treasury directions under section 11 of the Public Service Pensions Act 2013, referred to in this Schedule as “Treasury directions”.

2Employer cost cap

The employer cost cap for this scheme is 10.9% of the pensionable earnings of members of this scheme.

3Breach of employer cost cap margins

If the scheme actuary reports in a valuation report that the cost cap cost of the scheme, calculated following a valuation in accordance with Treasury directions, has gone beyond the margins specified in HM Treasury directions under section 12 of the Public Service Pensions Act 2013, paragraph 4 applies.

4Teachers’ Pension Scheme Advisory Board report

Where this paragraph applies, the responsible authority must request the Teachers’ Pension Scheme Advisory Board constituted under Part 2 of these Regulations to report, within six months of the request—

a

whether there is agreement between the employer representatives and the member representatives on a recommended procedure for aligning the cost cap cost of the scheme with the employer cost cap; and

b

if there is such agreement, the procedure which the board is in agreement to recommend.

5Action by the responsible authority

On receipt of the Teachers’ Pension Scheme Advisory Board’s report, the responsible authority, in consultation with the scheme actuary and with such persons as the responsible authority considers appropriate, must—

a

review any recommendations put forward in that report; and

b

either—

i

if agreement has been reached, and the responsible authority accepts the proposed procedure, implement the procedure agreed between the members of the Teachers’ Pension Scheme Advisory Board; or

ii

if the responsible authority does not agree with any agreement reached, or if agreement has not been reached, make such change to the standard accrual rate as in the opinion of the scheme actuary is necessary to bring the cost cap cost of the scheme into line with the employer cost cap.

6Timescale for action

Any changes to the scheme made as a result of paragraph 5 are to take effect within four years of the effective date as at which the cost cap cost of the scheme was evaluated in the scheme actuary’s valuation report.

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<ref href="http://www.legislation.gov.uk/id/uksi/2014/512/schedule/4">Sch. 4</ref>
inserted (1.4.2015) by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652">The Teachers Pension Scheme (Amendment) Regulations 2014 (S.I. 2014/2652)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2014/2652/regulation/52">52</ref>
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SCHEDULE
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">4</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Regulation 225</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Scheme valuation and employer cost cap</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Scheme valuation report</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">The scheme manager must commission the scheme actuary to carry out a valuation of this scheme (“scheme valuation”) and any connected scheme, and to prepare a scheme valuation report, in accordance with, and by reference to the effective dates defined and set out in </ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">HM</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969"> Treasury directions under section 11 of the Public Service Pensions Act 2013, referred to in this Schedule as “Treasury directions”.</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Employer cost cap</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">The employer cost cap for this scheme is 10.9% of the pensionable earnings of members of this scheme.</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Breach of employer cost cap margins</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">If the scheme actuary reports in a valuation report that the cost cap cost of the scheme, calculated following a valuation in accordance with Treasury directions, has gone beyond the margins specified in </ins>
<abbr class="Acronym" title="Her Majesty">
<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">HM</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969"> Treasury directions under section 12 of the Public Service Pensions Act 2013, paragraph 4 applies.</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">4</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Teachers’ Pension Scheme Advisory Board report</ins>
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<p>
<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Where this paragraph applies, the responsible authority must request the Teachers’ Pension Scheme Advisory Board constituted under Part 2 of these Regulations to report, within six months of the request—</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">a</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">whether there is agreement between the employer representatives and the member representatives on a recommended procedure for aligning the cost cap cost of the scheme with the employer cost cap; and</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">b</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">if there is such agreement, the procedure which the board is in agreement to recommend.</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">5</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">On receipt of the Teachers’ Pension Scheme Advisory Board’s report, the responsible authority, in consultation with the scheme actuary and with such persons as the responsible authority considers appropriate, must—</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">a</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">review any recommendations put forward in that report; and</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">i</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">if agreement has been reached, and the responsible authority accepts the proposed procedure, implement the procedure agreed between the members of the Teachers’ Pension Scheme Advisory Board; or</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">ii</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">if the responsible authority does not agree with any agreement reached, or if agreement has not been reached, make such change to the standard accrual rate as in the opinion of the scheme actuary is necessary to bring the cost cap cost of the scheme into line with the employer cost cap.</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969">Timescale for action</ins>
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<ins class="key-c9245f049d1080576d8e5f101eeb955f-1585838099969 last">Any changes to the scheme made as a result of paragraph 5 are to take effect within four years of the effective date as at which the cost cap cost of the scheme was evaluated in the scheme actuary’s valuation report.</ins>
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