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25.—(1) Each Scheme employer must formulate, publish within four months of the commencement date, and keep under review –
(a)the policy that it applies in the exercise of its discretionary powers under Parts II to IV and Parts VI to VIII; and
(b)the policy it applies in the exercise of its duty under regulations 16 and 18 to reduce annual compensation.
(2) If the Scheme employer decides to change either policy, it must publish a statement of the amended policy within one month of the date of its decision.
(3) The Scheme employer must not give effect to any policy change until one month has passed since the date of publication of the statement under paragraph (2).
(4) In formulating and reviewing its policies the Scheme employer must –
(a)have regard to the extent to which the exercise of its discretionary powers (in accordance with the policy), unless properly limited, could lead to a serious loss of confidence in the public service; and
(b)be satisfied that the policy is workable, affordable and reasonable having regard to the foreseeable costs.
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