Amendment of the Teachers’ Pensions Regulations 1997
6.—(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.”.