These Regulations make provision for the payment of additional voluntary contributions by teachers who are members of the Schemes constituted by the Teachers’ Superannuation (Scotland) Regulations 2005 (“the 2005 Regulations”) and the Teachers’ Pension Scheme (Scotland) (No. 2) Regulations 2014 (“the 2014 Regulations”), in order to secure additional benefits financed by investment of those contributions. They revoke and re-enact the Teachers’ Superannuation (Additional Voluntary Contributions) (Scotland) Regulations 1995 (“the 1995 Regulations”) with amendments. The Regulations have effect from 1st April 2015.

Regulation 2 provides as to interpretation and inserts a number of new definitions not present in the 1995 Regulations. In particular, it provides a definition of “AVC policy age” to fix a person’s normal pension age as at the date of an election under regulation 4 or notice under regulation 10.

Regulation 3 contains general provisions as to making and acceptance of elections.

Regulation 4 provides for elections to pay lump sum and periodical contributions so as to secure additional retirement and dependant’s pensions and further provides for elections to pay periodical contributions so as to secure lump sum death benefits in the event of death while paying such contributions.

Regulation 5 permits teachers who have elected to provide lump sum death benefits to apply that sum, either in whole or in part, to the purchase of dependant’s pensions.

Regulation 6 allows elections made under regulation 4 to be varied or cancelled.

Regulation 7 provides that where an election has effect a person is a contributor for the purpose of these Regulations, but where they cease to be a contributor they are no longer in pensionable employment.

Regulation 8 deals with the payment of contributions.

Regulation 9(1) requires the Scottish Ministers to invest contributions with the selected insurance company in one or more of the specified funds in accordance with any wishes expressed by the contributor. Regulation 9(2) refers to an election to provide a lump sum death benefit which requires contributions to be invested so as to secure payments of the amount specified.

Regulation 10 requires a transfer value accepted from another additional voluntary contributions scheme also to be invested as appropriate.

Regulation 11 sets out the provisions regarding payment of a transfer value (representing the value of the investments) to an insurance company or a superannuation scheme.

Regulation 12 permits from 6th April 2015 the purchase of one or more uncrystallised fund pension and lump sums from realised funds and the crystallisation of funds to purchase any of the benefits permitted by the regulation.

Regulation 13 provides for the payment of lump sum death benefits secured by contributions under regulation 4.

Regulation 14 provides for pension sharing on divorce.

Regulation 15 provides for the realisable value of investments to be repaid where contributions are repaid under the 2005 or 2014 Regulations.

Regulation 16 provides that the Scottish Ministers are not responsible for payments under a pension policy purchased from an authorised provider except in the circumstances specified in regulation 16(2) and makes provision for the payment of lump sums.

Regulation 17 requires the Scottish Ministers to be given information needed for the purposes of their functions under the Regulations.

Regulation 18 provides for any payments, up to a prescribed maximum (currently £5,000), payable to the executors of deceased persons to be made without confirmation or proof of title.

Regulation 19 provides for questions to be determined by the Scottish Ministers.

Regulation 20 revokes the 1995 Regulations (and amending instruments) and makes transitional provision.

In addition to minor and drafting amendments, these Regulations make the following changes of substance from the 1995 Regulations:—