The Local Government Pension Scheme (Scotland) (Amendment) Regulations 2024

Actuarial valuations of pension funds

8.—(1) In regulation 60—

(a) in paragraph (1)(a), omit “both on an ongoing and a cessation basis”,

(b) omit paragraph (6A).

(2) In regulation 61—

(a) for paragraph (2A), substitute—

“(2A) A person proposing to become an exiting employer may request the appropriate administering authority to obtain—

(a) an indicative actuarial valuation at a specific date of the liabilities of the fund in respect of benefits in respect of that person’s current and former employees, and

(b) a revised rates and adjustments certificate showing the exit payment that would be due from such employer, or exit credit payable to such employer in respect of those benefits,

and the indicative actuarial valuation must for a period of up to 90 days from the specific date be used in substitution for any valuation at the employer’s exit date carried out under paragraph (2).”,

(b) after paragraph (2B), insert—

“(2C) an administering authority must provide an indicative actuarial valuation when requested by a person under paragraph (2A), unless that person has made a previous request under paragraph (2A) within the preceding 12 months.”.