(This note is not part of the Regulations)
These Regulations, which come into force on 1st October 2003, make further amendments to the Teachers' Superannuation (Scotland) Regulations 1992 (S.I. 1992/280) (“the 1992 Regulations”).
Regulations 3 to 7, and 9 to 11, amend the references to regulations in the new Part G.
Regulation 8 and the Schedule substitute a new Part G for the existing Part G of the 1992 Regulations, dealing with the finance of the scheme. Obsolete regulations, namely those relating to old Part G, the supplemental actuarial inquiry as at 31st March 1991 and the alternative actuarial inquiry as at 31st March 1996 have been deleted.
Regulation 12 provides for the substitution of a new Schedule 12, replacing the existing one in the 1992 Regulations, and setting out the form of account to be kept by Scottish Ministers in respect of receipts and payments under the 1992 Regulations in each financial year.
Regulation G2 of new Part G deems that the closing balance in the Teachers' Superannuation Account for the financial year ending on 31st March 2001 shall be an amount determined by the Government Actuary by reference to the value of the scheme assets mentioned in regulation G4(9). This provides that the value of the scheme assets are equal to the value of the scheme liabilities on 31st March 2001.
The terminology in regulation G4 of the 1992 Regulations has been amended from “inquiry” to “review” and from “amount” to “value” in order to ensure the consistency of the language with modern actuarial methods. The references to the end of the financial year have also been removed.
Regulation G4(3) requires the Government Actuary with the agreement of the Scottish Ministers to specify a funding methodology for each actuarial review.
Regulation G4(6) provides that the standard contribution rate must be specified in the actuarial review.
Regulation G4(8) provides that the scheme assets and scheme liabilities are to be determined using the specified funding methodology.
Regulation G5(2) has the effect that the formula for calculating the employer contribution rate from 1st October 2003 will not include the addition of 0.25%.
Regulation G8(10) reduces the interest rate on late payments of employer contributions from 12% to 8% for periods of pensionable employment on or after 1st October 2003.