Regulation 73

after paragraph (12) insert—

“(12A)

Where in the opinion of the Committee there is a material change in circumstances of an employing authority, the Committee may, with the approval of the Department, vary the date at which an actuarial valuation and exit certificate is determined under paragraph (12).”; and

after paragraph (13D) M1 insert—

“(13E)

Where in the opinion of the Committee there has been a relevant change in the circumstances of an employing authority (including an admission body), the Committee may with the agreement of the employing authority obtain from an actuary a certificate specifying the percentage or amount by which in the actuary's opinion it is appropriate that:

(a)

the contribution at the common rate of employer's contribution should be adjusted; or

(b)

any individual adjustment should be made or any prior individual adjustment should be increased or reduced in respect of that employing authority.

(13F)

Where the actuary is producing a certificate under paragraph (13E), the actuary shall take into account the current version of the Committee's funding strategy statement and any other matter which the actuary considers relevant.

(13G)

A relevant change in circumstances for the purpose of paragraph (13E) includes any one or more of the following:

(a)

the employing authority, since the date of the existing rates and adjustments certificate, has secured a guarantee in a form satisfactory to the Committee of its entire liabilities to the pension fund from a Department which is established by or under any enactment and where that enactment enables the Department to make financial provision for that employing authority;

(b)

the employing authority, since the date of the existing rates and adjustments certificate, has provided security, in a legally binding form satisfactory to the Committee, for its entire liabilities to the pension fund;

(c)

an assessment carried out to the satisfaction of the Committee and taking account of actuarial advice, of the level of risk arising on the premature termination of the provision of service or assets by reason of insolvency, winding up or liquidation of the admission body demonstrates that the risk has reduced significantly since the existing certificate was issued;

(d)

at the time that the existing rates and adjustments certificate was obtained there were circumstances which in the opinion of the Committee made it likely that the employing authority would become an exiting employer but there has been a change in those circumstances so that in the opinion of the Committee it is likely that the employing authority's participation in the scheme will be indefinite; or

(e)

there was an error and/or omission in the information provided to the actuary for the purposes of calculating the existing rates and adjustment certificate, which in the opinion of the actuary has had a significant impact upon the contributions certified for that employing authority, or where there has been a substantive or typographical error in the existing rates and adjustments certificate.”.