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The Firefighters' Pension Scheme Regulations (Northern Ireland) 2015
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- Rheolau Statudol Gogledd Iwerddon
- 2015 No. 78
- PART 11
- Regulation 159
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Changes to legislation:
There are currently no known outstanding effects for the The Firefighters' Pension Scheme Regulations (Northern Ireland) 2015, Section 159.
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Employer cost capN.I.
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adran has no associated
Memorandwm Esboniadol
159.—(1) The employer cost cap for this scheme is 18.3% of pensionable earnings of members of this scheme.
(2) Where the cost of this scheme, calculated following a valuation in accordance with Department of Finance and Personnel directions under section 11 of the 2014 Act is more than the margins specified in regulations made under section 12(5) of the 2014 Act M1 (“the cost Cap Regulations”) above or below the employer cost cap, the Department must follow the procedure specified in paragraph (3) for reaching agreement with scheme managers, employers and members (or representatives of employers and members) as to the steps required to achieve the target cost specified in the cost cap Regulations.
(3) The procedure specified for the purposes of section 12(6)(a) of the 2014 Act is consultation for such period as the Department considers appropriate with the Firefighters' Pension Scheme Advisory Board with a view to reaching an agreement endorsed by all members of that Board.
(4) If, following such consultation, agreement is not reached with 3 months of the end of the consultation period the Department must take steps to adjust the rate at which benefits accrue under regulation 43 (amount of pension for a scheme year) so that the target cost for this scheme is achieved.
Marginal Citations
M1See Regulation 3 of S.R. 2015/12.
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