The Teachers' Superannuation (Scotland) Regulations 1993

Calculation for the purposes of regulation C10

C11.—(1) The balance of contributions is to be calculated as at the date of the calculation, or the teacher’s 70th birthday if earlier (“the calculation date ”).

(2) The balance is (A−B)−C, where–

• A is the total of the amounts specified in paragraph (3),

• B is the total of the deductions specified in paragraph (4); and

• C is the amount of the tax chargeable on (A−B) under section 598 of the Taxes Act.

(3) The amounts are those of–

(a) all contributions paid, under regulations C2, C3, C5, C8 and C9, except–

(i) any treated for the purposes of regulation G2 as employer’s contributions; and

(ii) any paid in respect of a period of employment for which an incapacity gratuity under regulation E17 has been received; and

(b) contributions paid in respect of any comparable British service in respect of which the teacher is entitled to count reckonable service by virtue of the receipt of a transfer value; and

(c) if the teacher was entitled to count any reckonable service by virtue of the receipt of a transfer value in respect of an employment that was not comparable British service, either–

(i) any payment by way of repayment of contributions, and interest, that he would otherwise have been entitled to receive under the rules of the superannuation scheme to which he was subject in the employment; or

(ii) if that scheme made no provision for the repayment of contributions, the contributions he paid under it in respect of the employment; and

(d) interest to the calculation date, at 3 per cent per annum, compounded with yearly rests–

(i) on the contributions mentioned in sub-paragraphs (a) and (b), from the first day of the financial year following that in which they were paid; and

(ii) where sub-paragraph (c) applies, from the first day of the financial year following that in which the transfer value was paid.

(4) The deductions are–

(a) the amount of any previous repayment of contributions;

(b) if the Secretary of State has made a payment in lieu of contributions or the person is entitled to equivalent pension benefits, half the amount of the payment in lieu of contributions that was, or as the case may be would otherwise have been, made; and

(c) if the Secretary of State has paid a contributions equivalent premium, the amount recoverable by him under section 47 of the Pensions Act(1).

(1)

Section 47 was amended by the Social Security (Miscellaneous Provisions) Act 1977 (c. 5), section 22(14) and by the Social Security Act 1985 (c. 53), Schedule 5, paragraphs 29 and 30.