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The Teachers' Pensions Regulations 2010
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- UK Statutory Instruments
- 2010 No. 990
- PART 12
- Regulation 128
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Changes and effects yet to be applied to Regulation 128:
- Regulations restricted by S.I. 2023/871 reg. 30
- reg. 128 omitted by S.I. 2013/275 reg. 4
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- Sch. 2 Pt. 1 para. 2(aa) inserted by S.I. 2012/979 Sch. para. 28(2)(b)
- Sch. 2 para. 2(ab) inserted by S.I. 2014/2651 reg. 22(a)
- Sch. 2 para. 26 inserted by S.I. 2014/2651 reg. 22(b)
- Sch. 2 Pt. 1 para. 14A inserted by S.I. 2014/424 reg. 7
- Sch. 2 para. 22(m) inserted by S.I. 2019/1134 reg. 14
- Sch. 2 para. 3A inserted by S.I. 2021/805 reg. 10(b)
- Sch. 2 para. 2(ab) inserted by S.I. 2014/2651, reg. 22(a) (as substituted) by S.I. 2021/805 reg. 2(2)
- Sch. 2 para. 26 inserted by S.I. 2014/2651, reg. 22(b) (as substituted) by S.I. 2021/805 reg. 2(2)
- Sch. 2 Pt. 1 para. 6(a) substituted by S.I. 2019/1027 reg. 33
- Sch. 3 para. 2(2)-(7) and table substituted for Sch. 3 para. 2(2) by S.I. 2014/2651 reg. 23(a)
- Sch. 5 para. 5(aa) inserted by S.I. 2019/1134 reg. 16(1)(c)(i)
- Sch. 5 para. 7(1A) inserted by S.I. 2019/1134 reg. 16(1)(d)(ii)
- Sch. 5 para. 9(ba) inserted by S.I. 2019/1134 reg. 16(1)(e)(i)
- Sch. 6 Pt. 1 para. 10A inserted by S.I. 2011/614 Sch. 2 para. 13(3)
- Sch. 7 para. 4(2A) inserted by S.I. 2017/1084 reg. 7(b)
- Sch. 7 para. 12(3A) inserted by S.I. 2017/1084 reg. 7(c)
- Sch. 7 para. 6(1A) inserted by S.I. 2019/1134 reg. 17(b)
- Sch. 8 para. 1(2)(h)(ia)(ib) inserted by S.I. 2019/1458 Sch. 3 para. 115(3)(a)(iii)
- Sch. 8 para. 1(1)(e) substituted by S.I. 2021/805 reg. 13(2)
- Sch. 8 para. 1(1)(b)(ba) substituted for Sch. 8 para. 1(1)(b) by S.I. 2019/1458 Sch. 3 para. 115(3)(a)(ii)
- Sch. 13 para. 8 8A substituted for Sch. 13 para. 8 by S.I. 2014/2651 reg. 29(a)
- reg. 2A 2B inserted by S.I. 2014/560 Sch. 3 para. 17
- reg. 2A omitted by S.I. 2019/1134 reg. 6
- reg. 2A(1) words substituted by S.I. 2014/3061 Sch. 1 para. 11(2)
- reg. 2B omitted by S.I. 2019/1134 reg. 6
- reg. 2C inserted by S.I. 2014/3061 Sch. 1 para. 11(2)(4)
- reg. 6(1A) inserted by S.I. 2012/2270 reg. 3(a)
- reg. 6(2A) inserted by S.I. 2012/2270 reg. 3(b)
- reg. 6(3A) inserted by S.I. 2012/2270 reg. 3(c)
- reg. 9(4)(c) and word inserted by S.I. 2014/424 reg. 4(b)
- reg. 13(7A) inserted by S.I. 2021/805 reg. 6(6)
- reg. 13A inserted by S.I. 2021/805 reg. 7
- reg. 14A-14H inserted by S.I. 2014/424 reg. 5
- reg. 14A(5) word substituted by S.I. 2014/2651 reg. 5
- reg. 14F(c) words omitted by S.I. 2014/2651 reg. 6(b)
- reg. 14F(c) words substituted by S.I. 2014/2651 reg. 6(a)
- reg. 17(3A) inserted by S.I. 2014/2651 reg. 8(b)
- reg. 17(12)(13) substituted for reg. 17(12) by S.I. 2014/2651 reg. 8(c)
- reg. 27(3) inserted by S.I. 2021/805 reg. 8
- reg. 30(1)(d) and word inserted by S.I. 2014/2651 reg. 9
- reg. 64-64D substituted for reg. 64 by S.I. 2014/2651 reg. 15
- reg. 64B modified by S.I. 2015/601 reg. 31(5)(a)
- reg. 83(3A) inserted by S.I. 2017/1084 reg. 5
- reg. 85(3A) inserted by S.I. 2017/1084 reg. 6
- reg. 87A inserted by S.I. 2019/1134 reg. 8
- reg. 129(2A) inserted by S.I. 2011/614 Sch. 2 para. 10(3)
Actuarial reviewE+W+S
128.—(1) The scheme actuary must from time to time, make an actuarial review on the position in relation to the account as at the date determined by the Secretary of State (“the review date”)and make a report on the review to the Secretary of State.
(2) In making a determination under paragraph (1) the Secretary of State is to secure that—
(a)the next review date is no later than 31st March 2012, and
(b)the review date for each subsequent report is no later than 4 years after the previous review date.
(3) The Secretary of State is to determine the funding methodology to be used in making the actuarial review after taking advice from the scheme actuary.
(4) The report referred to in paragraph (1) is to specify the standard contribution rate at which contributions should be paid during the period beginning and ending on days (following the date of the report) determined by the Secretary of State (“the contribution period”).
(5) The report is to state the amount by which, at the review date, the value of the scheme assets exceeded or fell short of that of the scheme liabilities.
(6) The scheme assets and the scheme liabilities shall be determined in accordance with the funding methodology specified in paragraph (3).
(7) If the report states that the value of the scheme liabilities exceeded that of the scheme assets, it is to specify a rate at which, during the contribution period, supplementary contributions should be paid so as to remove the deficiency within the period of 15 years beginning on the first day of the contribution period.
(8) If the report states that the value of the scheme assets exceeded that of the scheme liabilities, it is to specify the amount by which the standard contribution rate referred to in paragraph (4) should be reduced during the contribution period, so as to remove the surplus within the period of 15 years beginning on the first day of the contribution period.
(9) The Secretary of State may determine that, having regard to the level of benefits likely to be received, there should be different contribution rates for employees whose contributable salary exceeds any amount specified by the Secretary of State (“a threshold amount”), and, if so, in the case of persons whose contributable salary exceeds a threshold amount—
(a)whether the rate of contribution appropriate to a contributable salary of any amount should apply to the whole of the person's contributable salary, or
(b)whether the rate of contribution appropriate to a contributable salary of any amount should apply only to that part of it which exceeds the threshold amount.
(10) If a determination referred to in paragraph (9) is made—
(a)the Secretary of State shall notify the scheme actuary accordingly, and
(b)the report is to contain a recommendation as to what the contribution rates should be.
(11) More than one threshold amount may be specified in a determination referred to in paragraph (9) and accordingly more than one corresponding rate may be specified in a recommendation such as is referred to in paragraph (10)(b).
(12) The rates referred to in paragraphs (4), (7), (8), (9) and (10)(b) are to be expressed as a percentage of the contributable salaries (or where appropriate the relevant parts of contributable salaries) from time to time of persons in pensionable employment and the percentage must be a multiple of 0.05.
(13) Any determination made by the Secretary of State for the purpose of this regulation shall be made with the consent of the Treasury.
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