Paragraph 5 Action by the DepartmentF1

On receipt of the Northern Ireland Teachers’ Pension Scheme Advisory Board’s report, the Department, in consultation with the scheme actuary and with such persons as the Department considers appropriate, must—

(a)

review any recommendations put forward in that report; and

(b)

either—

(i)

if agreement has been reached, and the Department accepts the proposed procedure, implement the procedure agreed between the members of the Northern Ireland Teachers’ Pension Scheme Advisory Board; or

(ii)

if the Department does not agree with any agreement reached, or if agreement has not been reached, make such change to the standard accrual rate as in the opinion of the scheme actuary is necessary to bring the cost cap cost of the scheme into line with the employer cost cap.

Annotations

Textual amendments

F1: Sch. 4 inserted (1.4.2015) by The Teachers’ Pensions (Miscellaneous Amendments) Regulations (Northern Ireland) 2015 (S.R. 2015/126), regs. 1, 25