Social Security Pensions Act 1975

46 Provisions as to actuarial tables

(1) Regulations prescribing actuarial tables for the purposes of sections 44(7) and 45(4) above—

(a) shall be made only after consultation with the Government Actuary; and

(b) shall not be made unless a draft of them has been laid before Parliament and approved by a resolution of each House.

(2) The prescribed actuarial tables shall comprise a standard table—

(a) embodying whatever appears to the Secretary of State to be the best practicable estimate of the average cost, expressed in actuarial terms and relative to a given period, of making such provision for pensions as is mentioned in section 44(5)(a) or (b), or section 45(2), as the case may be ; but

(b) assuming an average yield on investments which is not less than the average increase in the general level of earnings obtaining in Great Britain,

and also alternative tables to be applied, as directed by the regulations, according to whatever is from time to time the yield on such investments or classes of investments as the Secretary of State thinks fit to prescribe.

(3) With any reports laid before Parliament under section 28 of this Act, the Secretary of State shall lay—

(a) a report by the Government Actuary on any changes in the factors affecting the actuarial tables prescribed for the purposes of section 44(7) and 45(4); and

(b) a report by the Secretary of State stating whether he considers that, in view of the Government Actuary's report, there should be any alterations in the tables and if so, what alterations are in his opinion required.

(4) The changes referred to in subsection (3)(a) above are, in the case of the first report under that paragraph, changes since the passing of this Act and, in the case of a subsequent report, changes since the preparation of the last report.

(5) If in a report under subsection (3)(b) above the Secretary of State states that he considers that there should be alterations in the actuarial tables, he shall prepare and lay before each House of Parliament with the report the draft of regulations prescribing tables to be in force with those alterations from the beginning of such tax year as may be specified in the regulations not earlier than the second tax year after that in which the regulations are made.

(6) If the draft regulations are approved by resolution of each House the Secretary of State shall make the regulations in the form of the draft.