Regulation 3 Amendment of the Teachers’ Pensions Regulations 1997

Regulation G2 shall be amended as follows.

At the beginning of paragraph (4)(a) insert “subject to sub-paragraph (aa),”.

After paragraph (4)(a) insert the following new sub-paragraph—

“(aa)

the closing balance in the account for the financial year ending on 31^st March 2001 as determined by the Government Actuary by reference to the value of the scheme assets mentioned in regulation G4(6),.”

For paragraph (5) substitute the following—

“(5)

For the purposes of paragraph (4)(e), the notional investment income for the financial years commencing on or after 1^st April 2001 shall be determined by the Government Actuary and derived using a percentage return as specified from time to time by the Government Actuary.”.