Teachers' Superannuation Regulations (Northern Ireland) 1998

Actuarial inquiries

G4.—(1) The Government Actuary shall make an actuarial inquiry reporting on the position in relation to the Account at the end of the financial year ending with 31st March 2001 and at the end of every fifth subsequent financial year (“the financial year in question”).

(2) A report on the actuarial inquiry shall be made to the Department as soon as practicable after the end of the financial year in question and shall be laid by it before the Northern Ireland Assembly.

(3) The report shall specify the percentage of the contributable salaries of persons entering pensionable employment on the first day of the next financial year at which contributions should be paid, during the period beginning on and including 1st April next following the date of the report and ending with 31st March next following the date of the next report (“the relevant period”), so as to defray the cost of the payments of the kinds described in regulation G3(a) to (f) that are likely to be made in respect of them.

(4) The report shall state the amount by which, at the end of the financial year in question, the amount of the scheme assets exceeded or fell short of that of the scheme liabilities.

(5) In this regulation, the scheme assets are—

(a) the value of the employees' contributions receivable after the end of the financial year in respect of persons who at the end of that year were or had been in pensionable employment;

(b) the value of the employers' contributions in respect of such persons receivable after the end of the financial year, except any such supplementary contributions as are mentioned in paragraph (7);

(c) the value of payments that would fall to be credited under regulation G2(4)(d) and (e) to the accounts for subsequent financial years; and

(d) the actuarial value at the end of the financial year of the notional and assumed investments described in paragraph 5 of Schedule 12.

(6) The scheme liabilities are the payments to be made under these Regulations after the end of the financial year in respect of persons who at the end of that year were or had been in pensionable employment.

(7) If the report states that the amount of the scheme liabilities exceeded that of the scheme assets, it shall specify a rate (expressed as a percentage) at which, during the relevant period, supplementary contributions should be paid by employers of persons in pensionable employment so as to remove the deficiency within the period for 40 years beginning at the same time as the relevant period.

(8) The rate mentioned in paragraph (7) shall be expressed as a percentage of the contributable salaries from time to time of persons in pensionable employment; the percentage shall either be or be a multiple of 0.05.

(9) In this regulation “employees' contributions” and “employers' contributions” shall be construed respectively in accordance with regulation G2(2) and (3).