The Local Government Superannuation Regulations 1986

Actuary's certificates

P6.—(1) Every administering authority shall as soon as is reasonably practicable after obtaining a valuation under regulation P5 obtain from the same actuary a certificate specifying—

(a) the common rate of employer's contribution, and

(b) any individual adjustments,

for each year of the period of 5 years beginning with 1st April third following the date as at which the valuation was made.

(2) The common rate of employer's contribution is the percentage of their pensionable employees' remuneration which should in the actuary's opinion be paid to the fund, so as to ensure its solvency, by all bodies whose employees contribute to it, having regard to—

(a) the existing and prospective liabilities of the fund arising from circumstances common to all those bodies, and

(b) the desirability of maintaining as nearly constant a rate as possible.

(3) An individual adjustment is any percentage or amount by which in the actuary's opinion contributions at the common rate should in the case of a particular body be increased or reduced having regard to existing or prospective—

(a) liabilities of the fund, or

(b) benefits accruing to the fund,

arising from circumstances peculiar to that body.

(4) Forthwith upon receiving a certificate under this regulation an administering authority shall send a copy of it to the Secretary of State and to each body whose employees contribute to the fund.

(5) If—

(a) the common rate of employers' contribution specified for the first year of the period to which a certificate under this regulation (“the new certificate”) relates (“the new rate”) is less than the common rate for the last year of the period (“the preceding period”) to which the preceding certificate under this regulation or regulation B8 of the 1974 regulations (“the old certificate”) relates (“the old rate”), and

(b) the new certificate has been obtained more than 6 months before the end of the preceding period,

the old certificate shall, if the actuary and the administering authority so agree, have effect for the last year of the preceding period with the substitution of the new rate for the old rate.