Regulation 4 Amendment of regulation D2

For paragraphs (1) and (2) of regulation D2 (contributions by employing authorities), substitute—

“(1)

Each employing authority must contribute to the scheme, in respect of the pensionable pay of each member in pensionable employment with the authority, at the rate determined by the Secretary of State and specified in paragraph (2) (“the employer’s standard rate”).

(1A)

The employer’s standard rate shall include the cost of providing any increases in pensions which are payable by virtue of Part 1 of the Pensions (Increase) Act 1971^f1.

(1B)

In determining the employer’s standard rate, the Secretary of State must take the advice of the Scheme Actuary and obtain the Treasury’s consent.

(2)

The employer’s standard rate is 14 per cent.”.