Superannuation (Miscellaneous Provisions) Act 1967

16 Teachers' superannuation accounts.

(1) As respects any accounting period within the meaning of Schedule 1 to the [1967 c. 12.] Teachers' Superannuation Act 1967 or Schedule 6 to the [1962 c. 47.] Education (Scotland) Act 1962 beginning on or after 1st April 1961—

(a) paragraph 3(1)(d) of the said Schedule 1 and paragraph 2(3) of the said Schedule 6 (which relate to the sum representing interest which is to be treated as having been paid into the revenue of the teachers' superannuation account under the Act in question for each accounting period) shall each have effect with the substitution for the words from " at the rate " onwards of the words " at such rate as may be determined in accordance with regulations made by the Secretary of State with the consent of the Treasury on the amount of any balance of revenue over expenditure remaining at the end of the last preceding accounting period, and a further sum representing interest at such rate as may be determined as aforesaid on any balance of revenue (other than that further sum) over expenditure during the accounting period in question, and any such regulations may make different provision for different balances and different accounting periods and may provide as respects any balance to which the regulations relate—

(i) for the determination of the rate of interest on that balance on the basis of a notional investment of that balance, or of any part or parts thereof, made after consultation with the Government Actuary; and

(ii) for different rates of interest, or different methods of determining the rates of interest, for different parts of that balance ;"

(b) paragraph 4 of Schedule 1 to the said Act of 1967 is hereby repealed.

(2) Section 144(2) and (3) of the said Act of 1962 shall not apply to any regulations made under that Act by virtue of the foregoing subsection, but before making any such regulations the Secretary of State shall consult with representatives of education authorities and of teachers appearing to him to be likely to be affected by them.