The Teachers' Superannuation (Amendment) Regulations (Northern Ireland) 2005

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Teachers' Superannuation Regulations (Northern Ireland) 1998 (“the 1998 Regulations”) and revoke the Teachers' Superannuation (Amendment) Regulations (Northern Ireland) 2003.

Regulations 4, 6 and 10 are to have retrospective effect as from 31st March 2002 and regulations 5 and 7 are to have retrospective effect as from 31st March 2001 by virtue of Article 14(1) of the Superannuation (Northern Ireland) Order 1972.

Regulations 4 and 10 retrospectively recognise the Department of Finance and Personnel’s request that the scheme’s accounts move from cash-based to resource-based accounting. Regulation 10 deletes Schedule 12 to the 1998 Regulations.

Regulation 5 amends regulation G2. It provides that the closing balance in the teachers' superannuation account for the financial year ending on 31st March 2001 be an amount determined by the Government Actuary by reference to the value of the scheme assets mentioned in regulation G4(6).

Regulation 6 amends regulation G3 and provides that increases paid under the Pensions Increases Act (Northern Ireland) 1971 are debited to the teachers' superannuation account.

Regulation 7 amends regulation G4 to ensure that the language used is consistent with modern actuarial methods. Reference to the end of the financial year is removed. The insertion of paragraph (1B) requires the Government Actuary, with the agreement of the Department, to specify a funding methodology for each actuarial review, and paragraph (3) provides that the standard contribution rate must be specified in the actuarial review. The insertion of paragraph (1A)(b) specifies that a valuation should be made at no longer than 5 yearly intervals and the amendment to paragraph (5) provides that the scheme assets and scheme liabilities are to be determined using the specified funding methodology.

Regulation 8 amends regulation G5 of the 1998 regulations as a consequence of the amendment to regulation G4(9).

Regulation 9 corrects a typing error.