The Local Government Pension Scheme (Amendment) Regulations 2009

Amendment of the Local Government Pension Scheme (Administration) Regulations 2008

3.  The Local Government Pension Scheme (Administration) Regulations 2008(1) are amended—

(a) after regulation 36 (actuarial valuations and certificates), by the insertion of—

“Future costs

36A.— (1) Administering and employing authorities shall have regard to guidance issued by the Secretary of State about how the future costs of the Scheme will be met.

(2) To enable the Secretary of State to calculate those costs for the purposes of that guidance, each administering authority shall provide to the Secretary of State by 31st August 2010, and in every third year afterwards, all the data used for the purposes of providing an actuarial valuation under regulation 36.

(3) For the purposes of that guidance, the Government Actuary shall provide to the Secretary of State by 31st October 2010 and in every third year afterwards—

(a) an actuarial valuation of the assets and liabilities of the Scheme as at 31st March 2010 and in every third year afterwards, based on the information provided to the Secretary of State under paragraph (2);

(b) a report in respect of the valuation (“the valuation report”); and

(c) an overall cost certificate.

(4) The valuation report must contain a statement of the financial and demographic assumptions used in making the valuation; and the statement must show how the assumptions relate to the events which have actually occurred in relation to the members of the Scheme since the last valuation.

(5) An overall cost certificate is a certificate—

(a) specifying the cost of the future accrual of pension liabilities; and

(b) adjusted where appropriate to reflect surpluses or deficits arising from variations between events which have actually occurred in relation to the members of the Scheme and the assumptions used in making valuations for each year beginning with 31st March 2007.”;

and

(b) after regulation 38 (special circumstances where revised actuarial valuations and certificates must be obtained), by the insertion of—

“Future costs: revised certificates

38A.   Where, as a result of the valuation exercise under regulation 36A, the Secretary of State amends the Benefits Regulations, an administering authority must consider whether the rates and adjustment certificate obtained under regulation 36(1)(a) should be revised to take account of the amendment; and if, in the authority’s view the certificate should be so revised—

(a) the authority must ensure that the certificate is revised accordingly and as soon as possible; and

(b) the revised certificate must cover the period beginning with 1st April in the second year following that in which the valuation date falls under regulation 36.”.

(1)

S.I. 2008/239, to which there are amendments not relevant to these Regulations.