20. After regulation 140, insert—
140A.—(1) The employer cost cap for this scheme is 15.8% of pensionable earnings of members of this scheme.
(2) Where the cost of this scheme, calculated following a valuation in accordance with Treasury directions under section 11 of the 2013 Act, is more than the margins specified in regulations made under section 12(5) of the 2013 Act(1) (“the Cost Cap Regulations”) above or below the employer cost cap, the Scottish Ministers must follow the procedure specified in paragraph (3) for reaching agreement with the scheme manager, the authority and members (or representatives of members) as to the steps required to achieve the target cost specified in the Cost Cap Regulations.
(3) The procedure specified for the purposes of section 12(6)(a) of the 2013 Act is consultation for such period as the Scottish Ministers consider appropriate with the Scottish Firefighters’ Pension Scheme Advisory Board with a view to reaching an agreement endorsed by all members of that Board.
(4) If, following such consultation, agreement is not reached within 3 months of the date on which the consultation period ends, the Scottish Ministers must take steps to adjust the rate at which benefits accrue under regulation 34 (amount of pension for a scheme year) so that the target cost of this scheme is achieved.”.
See regulation 3 of S.I. 2014/575.