Regulation 4 Amendment of Principal Regulations

for the first paragraph there shall be substituted–

“(1)

The Government Actuary shall, from time to time, make an actuarial inquiry reporting on the position in relation to the account as at the date determined in relation to the inquiry by the Secretary of State (“the inquiry reference date”).

(1A)

In making a determination under paragraph (1) the Secretary of State shall secure that–

(a)

the inquiry reference date for the first inquiry is no later than 31st March 2001; and

(b)

the inquiry reference date for each subsequent inquiry is no later than 5 years after the inquiry reference date for the previous inquiry.”;

in paragraph (2) for “as soon as practicable after the end of the financial year in question” there shall be substituted “as soon as practicable after the inquiry reference date”;

for paragraph (3) there shall be substituted the following paragraph–

“(3)

The report is to specify the percentage of the contributable salaries of persons entering pensionable employment on the day after the inquiry reference date 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 relevant period”) so as to defray the cost of the payments of the kinds described in regulation G3(a) to (f) that are likely to be made in respect of them.”;

in paragraphs (7) and (8) for “beginning on 1st April following the date of the report” there shall be substituted “beginning on the first day of the relevant period.”; and

after paragraph (9) there shall be inserted the following paragraph–

“(9A)

Any determination made by the Secretary of State for the purpose of this regulation shall be made with the consent of the Treasury.”.