Search Legislation

The Local Government Pension Scheme (Scotland) Regulations 2014

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Aggregate Scheme costs

This section has no associated Policy Notes

61.—(1) Administering authorities and Scheme employers must have regard to any guidance issued by the Scottish Ministers about how future costs of the Scheme will be met.

(2) To enable the Scottish Ministers to calculate those costs for the purposes of that guidance, each administering authority must provide to the Scottish Ministers by 31st August 2017, and by 31st August in every third year afterwards, all the information used for the purposes of providing an actuarial valuation under regulation 60 (actuarial valuations of pension funds).

(3) For the purposes of that guidance, the Scottish Ministers must appoint an actuary to provide by 31st October 2017 and in every third year afterwards—

(a)an actuarial valuation of the assets and liabilities of the Scheme as at 31st March 2017 and in every third year afterwards, based on the information provided to the Scottish Ministers under paragraph (2), carried out in accordance with any direction issued by the Treasury under section 11 of the Public Service Pensions Act 2013(1);

(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) The assumptions used in making the valuation under paragraph (4) shall be determined by the Scottish Ministers after consultation with such persons with whom consultation appears to the Scottish Ministers to be desirable.

(6) An overall cost certificate is a certificate—

(a)specifying the cost of 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 members of the Scheme and the assumptions used in making valuations for each year following 31st March 2014.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Policy Note

Policy Note sets out a brief statement of the purpose of a Scottish Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Scottish Statutory Instrument accessible to readers who are not legally qualified and accompany any Scottish Statutory Instrument or Draft Scottish Statutory Instrument laid before the Scottish Parliament from July 2012 onwards. Prior to this date these type of notes existed as ‘Executive Notes’ and accompanied Scottish Statutory Instruments from July 2005 until July 2012.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources