The Local Government Pension Scheme (Amendment) Regulations 2005

Revised rates and adjustments certificates

7.—(1) Where it appears to an administering authority as a result of the amendments made by these Regulations 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 the current rates and adjustments certificate obtained in accordance with regulation 77 of the principal Regulations, the administering authority may obtain a revision of the rates and adjustments certificate, showing the resulting changes as respects that employing authority.

(2) Such a revision shall be prepared on the basis of an actuarial valuation of the assets and liabilities of the relevant pension fund as at 31st March 2005 using, where no more recent membership data are reasonably available, the membership data of the fund as at 31st March 2004, subject to any appropriate adjustments.

(3) For the purpose of valuing the liabilities of the fund as at 31st March 2005, the actuarial assumptions used to value the liabilities of the fund as at 31st March 2004 may be used.

(4) Any revised certificate obtained under paragraph (1) shall only be effective from 1st April 2006.

(5) The administering authority shall, not later than 30th September 2005, send copies of any revised certificate—

(a) to the Secretary of State;

(b) to each body with employees who contribute to the fund to which the certificate relates; and

(c) to any other body which is or may become liable to make payments to that fund.

(6) The administering authority shall also send to the Secretary of State, not later than 30th September 2005—

(a) a copy of the consolidated revenue account with which the actuary was provided; and

(b) a summary of the assets of the fund as at 31st March 2005.