Amendment of the Teachers’ Pensions Regulations 19976
1
Regulation G7 shall be amended as follows.
2
In paragraph (4) for the words “12% per annum” substitute “the interest rate specified in paragraph (5)”.
3
After paragraph (4) insert the following new paragraph—
5
For the purposes of paragraph (4) the interest rate is—
a
12% per annum in relation to all amounts and contributions payable in relation to pensionable employment before 1st April 2003; and
b
8% per annum in relation to all amounts and contributions payable in relation to pensionable employment on or after 1st April 2003.