OpenLegislation

Regulation 21 Early retirement of chief officers

Original text. Later amendments are not shown.

(1)

Each new authority must determine the amount of its liability under regulation L15 of the 1995 regulations (extra charges resulting from early retirement of chief officers) immediately before the commencement date.

(2)

That amount is the aggregate amount—

(a)

of any sums falling to be paid by it under that regulation as respects any such entitlement as is mentioned in paragraph (1) of that regulation which has arisen on or before that date, and

(b)

of the actuarial value of the liabilities which would arise under that regulation (apart from its revocation) as respects any such entitlement which has not so arisen.

(3)

Before 1st July 1998 the new authority must—

(a)

pay an amount equal to the amount determined by them under paragraph (1) to the relevant fund, or

(b)

give notice that they wish that amount to be added to the amount required to be paid by them to that fund under regulation 79 of the 1997 regulations (employers' contributions) for the year in which the notice is given.

(4)

A notice under paragraph (3)(b) must be given in writing to the authority administering that fund.

(5)

If that authority disagrees with the new authority as to the amount determined by them under paragraph (1), that amount must be determined on the advice of an actuary appointed by the new authority.

(6)

If the new authority do not comply with paragraph (3), the authority administering the relevant fund may require the new authority to pay interest on the amount due as from 1st July 1998.

(7)

That interest must be calculated at one per cent. above base rate on a day to day basis to the date of payment and compounded with three-monthly rests.

(8)

In this regulation—

  • “the new authority” are the body which is the new authority in relation to the member for—

    1. (a)

      the Local Government (Retirement of Chief Officers) Regulations 1973f1, or

    2. (b)

      the Water Authorities (Retirement of Chief Officers) Regulations 1974f2; and

  • “the relevant fund” is the pension fund out of which the member’s benefits are payable (or, in a case where entitlement to the benefits has not arisen on or before the commencement date, would be payable if he had become entitled to them).

Annotations

Footnotes

f1

S.I. 1973/1260.

f2

S.I. 1974/73.