Pension Schemes (Northern Ireland) Act 1993

60 Actuarial tables for purposes of calculations relating to premiums. N.I.

(1) In calculating and certifying the costs mentioned in subsections (1), (2) and (6) of section 54 and the cost of providing the appropriate percentage of the guaranteed minimum pension for the purposes of section 56 the Department shall apply whichever of the prescribed actuarial tables (as in force at the appropriate time) is applicable in accordance with the regulations prescribing the tables, but for the purpose of calculating the amount of a transfer premium the Department shall apply the actuarial table prescribed for the purpose of calculating the amount of an accrued rights premium in such manner as may be prescribed.

(2) In subsection (1) “the appropriate time” means the time when the scheme ceases to be contracted-out or, as the case may be, to be appropriate or, in the case of costs mentioned in section 54(6), the time when the earner’s service in contracted-out employment is terminated.

(3) The tables to be used in calculating the costs referred to in section 54(6) shall be so framed as to embody the assumption that the increase of weekly equivalent required by section 12(3) is 5 per cent. compound for each relevant year after that in which the earner’s service is terminated; and that assumption shall prevail over any different provision made by the scheme.

Modifications etc. (not altering text)

C1 S. 60 modified (28.3.1997) by S.R. 1997/192, art. 4(2) (with art. 9)