Local Government Pension Scheme (Amendment No. 2) Regulations (Northern Ireland) 2001

Special circumstances where revised actuarial valuations and certificates must be obtained

7.  After regulation L4 insert the following—

“Special circumstances where revised actuarial valuations and certificates must be obtained

L4A.— (1) Where an admission agreement ceases to have effect the Committee must obtain—

(a) an actuarial valuation as at the date it ceases of the liabilities of the fund in respect of current and former employees of the admission body which is a party to that admission agreement (the outgoing admission body), and

(b) a revision of the certificate provided under regulation L4(1), showing the revised contributions due from the outgoing admission body.

(2) Where it is not possible for any reason to obtain the revised contributions from the outgoing admission body or from an insurer or any person providing a guarantee or indemnity on behalf of that admission body, the Committee may obtain a further revision of the certificate, showing the revised contributions due from each employing authority which contributes to the fund.

(3) The Committee may obtain from an actuary a certificate specifying, in the case of an admission body, the percentage or amount by which, in the actuary’s opinion,—

(a) the contribution at the common rate should be adjusted, or

(b) any prior individual adjustment should be increased or reduced,

with a view to providing that the value of the assets of the fund in respect of current and former employees of that admission body is neither materially more nor materially less than the anticipated liabilities of the fund in respect of those employees at the date that the admission agreement is to end.”.