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.