The Teachers’ Pensions (Amendment) Regulations 2002

Amendment of the Teachers’ Pensions Regulations 1997

4.—(1) Regulation G4(1) shall be amended as follows.

(2) In the heading for the word “inquiries” substitute “review”.

(3) In paragraph (1)—

(a) for the words “inquiry reporting” substitute “review”;

(b) omit “in relation to the inquiry”; and

(c) for the words “inquiry reference” substitute “review”.

(4) In paragraph (1A) for sub-paragraphs (a) and (b) substitute—

“(a) the next review date is no later than 31^st March 2006; and

(b) the review date for each subsequent report is no later than 5 years after the previous review date.”.

(5) After paragraph (1A) insert the new paragraphs—

“(1B) The Government Actuary, with the agreement of the Secretary of State, shall specify the funding methodology to be used in making the actuarial review.

(1C) Any determination in relation to an actuarial inquiry made by the Secretary of State under paragraph (1) before 10^th January 2003 shall have effect as if it were a determination in relation to an actuarial review.”.

(6) In paragraph (2) for the words “inquiry” and “inquiry reference” substitute in both cases “review”.

(7) For paragraph (3) substitute—

“(3) The report is to specify the standard contribution rate (expressed as a percentage) at which contributions should be paid during the period beginning and ending on days (following the date of the report) determined by the Secretary of State (“the relevant period”).”.

(8) In paragraph (4) for the words “end of the financial year in question, the amount” substitute “review date, the value”.

(9) For paragraph (5) substitute—

“(5) Subject to paragraph (6), the scheme assets and the scheme liabilities shall be determined in accordance with the funding methodology specified in paragraph (1B).”.

(10) For paragraph (6) substitute—

“(6) For the purposes of the actuarial review reporting on the position in relation to the account as at 31^st March 2001, the value of the scheme assets shall equal the value of the scheme liabilities.”.

(11) In paragraph (7) for the word “amount” substitute “value”.

(12) In paragraph (8) for the word “amount” substitute “value”.

(13) In paragraph (9) omit “either be or”.

(1)

Paragraphs (1), (2), (3), (7) and (8) were amended, and paragraph (1A) was inserted, by S.I. 1999/607.