PART IV ADMINISTRATION

CHAPTER I PENSION FUND AND EMPLOYERS' PAYMENTS

Pension fund

78 Special circumstances where revised actuarial valuations and certificates must be obtained
1 Where an admission agreement ceases to have effect, the Committee must obtain –
(a) an actuarial valuation as at the date on which that agreement ceases to have effect, of the liabilities of the fund in respect of current and former employees of the admission body which is a party to that admission agreement (the outgoing admission body); and
(b) a revision of the certificate provided under regulation 77(3), showing the revised contributions due from the outgoing admission body.
2 Where it is not possible for any reason to obtain the revised contributions from the outgoing admission body or from an insurer or any person providing a guarantee or indemnity on behalf of that admission body, the Committee may obtain a further revision of any rates and adjustment certificate for the fund, showing –
(a) in the case where the outgoing body is a transferee admission body, the revised contributions due from the body which is the transferor Scheme employer in relation to that outgoing admission body; and
(b) in any other case, the revised contributions due from each employing authority which contributes to the fund.
3 The Committee 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 admission body is neither materially more nor materially less than the anticipated liabilities of the fund in respect of those employees at the date that the admission agreement is to end.
4 This paragraph applies where –
(a) the Committee agrees with an employing authority under regulation 54(6)(a) that the employing authority will pay increased contributions under regulation 79; or
(b) it appears to the Committee 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 77(7).
5 Where paragraph (4) applies, the Committee must obtain a revision of the rates and adjustments certificate affected, showing the resulting changes as respects that employing authority.
6 In this regulation “transferee admission body” and “transferor scheme employer” have the same respective meanings as in regulation 4(16).