- Statutory Instrument 2000 No. 502
The Teachers' Pensions (Employers' Supplementary Contributions) Regulations 2000
© Crown Copyright 2000
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| Made | 29th February 2000 | ||
| Laid before Parliament | 29th February 2000 | ||
| Coming into force | 21st March 2000 |
The Secretary of State, in exercise of the powers conferred by sections 9 and 12 of, and Schedule 3 to, the Superannuation Act 1972[1], after consulting with representatives of the local education authorities, teachers and other persons likely to be affected, in accordance with section 9(5) of that Act, and with the consent of the Treasury[2], hereby makes the following Regulations:
Citation, commencement and interpretation
1. - (1) These Regulations may be cited as the Teachers' Pensions (Employers' Supplementary Contributions) Regulations 2000.
(2) These Regulations shall come into force on 21st March 2000.
(3) In these Regulations "the 1997 Regulations" means the Teachers' Pensions Regulations 1997[3] and expressions used in these Regulations for which a meaning is given in the 1997 Regulations have that meaning in these Regulations.
Supplementary contributions
2. - (1) The supplementary contribution to be paid by employers of persons in pensionable employment for the period 1st April 2000 to 31st March 2002 shall be fixed at the rate of 0.4% of the contributable salaries from time to time of persons in pensionable employment.
(2) The Government Actuary shall make a supplementary report to the Secretary of State in respect of the deficiency between scheme assets and scheme liabilities as at 31st March 1996 stated in the Government Actuary's report made pursuant to paragraph 7 of Schedule 15 to the 1997 Regulations.
(3) The supplementary report shall specify the rate at which supplementary contributions shall be paid from 1st April 2002 so as to remove the deficiency referred to in paragraph (2) within the period of 40 years beginning on 1st April 2000, taking account of the supplementary contribution referred to in paragraph (1).
(4) The rate referred to in paragraph (3) shall be expressed as a percentage of the contributable salaries from time to time of persons in pensionable employment; the percentage must either be or be a multiple of 0.05.
(5) The supplementary report shall be laid by the Secretary of State before each House of Parliament.
Malcolm Wicks
Parliamentary Under Secretary of State, Department for Education and Employment
24th February 2000
We consent
Greg Pope
Bob Ainsworth
Two of the Lords Commissioners of Her Majesty's Treasury
29th February 2000
(This note is not part of the Regulations)
These Regulations fix the rate of supplementary contributions to be paid by teachers' employers for the period 1st April 2000 to 31st March 2002 at 0.4% of contributable salaries of those in pensionable employment. They also require the Government Actuary to produce a supplementary report in relation to the financial year ending 31st March 1996 specifying the rate of supplementary contributions to be paid from 1st April 2002 to remove over the 40 year period from 1st April 2000 the deficiency between the assets and liabilities of the Teachers' Pension Scheme as stated in the Government Actuary's report on the actuarial review covering the period 1991-1996 made under paragraph 7 of Schedule 15 to the Teachers' Pensions Regulations 1997.
Notes:
[1] 1972 (c. 11); section 9 was amended by sections 4(1), 8(3) and (4) and 11 of the Pensions (Miscellaneous Provisions) Act 1990 (c. 7) and section 12 was amended by section 10 of that Act.back
[3] S.I. 1997/3001, amended by S.I. 1998/2255 and S.I. 1999/607.back
ISBN 0 11 098862 0