The Local Government Pension Scheme (Administration) Regulations 2008

Special circumstances where revised actuarial valuations and certificates must be obtained

38.—(1) When obtaining a transfer statement under regulation 32(5), an administering authority must also obtain from the actuary a rates and adjustments certificate for the admission agreement fund for each remaining year of the period covered by the most recent such certificate for its main fund.

(2) Where an admission agreement ceases to have effect, the administering authority which made it must obtain—

(a) an actuarial valuation as at the date it ceases of the liabilities of the fund in respect of current and former employees of the admission body which is a party to that agreement (“the outgoing admission body”); and

(b) a revision of any rates and adjustments certificate for any fund which is affected, showing the revised contributions due from that body.

(3) Where, for any reason, it is not possible to obtain revised contributions from the outgoing admission body, or from an insurer or any person providing an indemnity or bond on behalf of that body, the administering authority may obtain a further revision of any rates and adjustments certificate for the fund, showing—

(a) in a case where that body is a transferee admission body within regulation 6(2)(a) or (b), the revised contributions due from the body which is the Scheme employer in relation to that admission body; and

(b) in any other case, the revised contributions due from each employing authority which contributes to the fund.

(4) An administering authority may obtain from an actuary a certificate specifying, in the case of an admission body, the percentage or amount by which, in the actuary’s opinion—

(a) the contribution at the common rate should be adjusted; or

(b) any prior individual adjustment should be increased or reduced,

with a view to providing that the value of the assets of the fund in respect of current and former employees of that body is neither materially more nor materially less than the anticipated liabilities of the fund in respect of those employees at the date the admission agreement is to end.

(5) Paragraph (6) applies where—

(a) an administering authority agrees with an employing authority as mentioned in regulation 40(4); or

(b) it appears to an administering authority that the amount of the liabilities arising or likely to arise in respect of members in employment with an employing authority exceeds the amount specified in, or likely as a result of, the assumptions stated for that authority in a rates and adjustments certificate by virtue of regulation 36(8).

(6) The administering authority must obtain a revision of the rates and adjustments certificate concerned, showing the resulting changes as respects that employing authority.