Local Government Superannuation (Scotland) Amendment Regulations 1975
| Jurisdiction | UK Non-devolved |
| Citation | SI 1975/638 |
| Year | 1975 |
1975 No. 638 (S. 86)
PENSIONS
The Local Government Superannuation (Scotland) Amendment Regulations 197514thApril 1975
28thApril 1975
16thMay 1975
In exercise of the powers conferred on me by sections 7 and 12 of the Superannuation Act 1972(a) as read with paragraph 5(1) of Schedule 7 to that Act and of all other powers enabling me in that behalf, after consultation with such associations of local authorities as appeared to me to be concerned and such representatives of other persons likely to be affected by the regulations as appeared to me to be appropriate, I hereby make the following regulations:—
1.—(1) These regulations may be cited as the Local Government Superannuation (Scotland) Amendment Regulations 1975 and shall come into operation on and have effect from 16th May 1975 except those provisions of regulation 10 relating to regulation N13 of the principal regulations as added by the said regulation 10, and regulation 12(a) which shall have effect as from 16th May 1974.
(2) The Local Government Superannuation (Scotland) Regulations 1974(b) (in these regulations referred to as "the principal regulations") and these regulations may be cited together as the Local Government Superannuation (Scotland) Regulations 1974 and 1975.
(3) The Interpretation Act 1889(c) shall apply for the interpretation of these regulations as it applies for the interpretation of an Act of Parliament.
2. In regulation A3 of the principal regulations (which covers definitions)—
(a) after the definition of "admission agreement" there shall be inserted—
" "admitting authority" means the administering authority which has under an admission agreement or an agreement under regulation B4 admitted employees of another employing authority to participate in the benefits of its superannuation fund;".
(b) for the definition of "river purification board" there shall be substituted the following:—
" "river purification board" means a board established under section 135 of the Local Government (Scotland) Act 1973(d).".
(a) 1972 c. 11.
(b) S.I. 1974/812 (1974 II, p. 3093).
(c) 1889 c. 63.
(d) 1973 c. 65.
3. In column 2 of the table in regulation A6 of the principal regulations (which deals with persons to be treated as employees of a scheduled body) for the words "The county council or the council of a large burgh" there shall be substituted the words "The regional council or the islands council".
4. The following regulation shall be substituted for regulation B1 of the principal regulations:—
"A superannuation fund shall be established and administered for the purposes of these regulations by Orkney Islands Council, Shetland Islands Council and every regional council.".
5. The following regulation shall be substituted for regulation B3 of the principal regulations (which relates to the appropriate superannuation fund):—
"(1) The appropriate superannuation fund in relation to a pensionable employee of an employing authority shall where that authority are an administering authority be the fund administered by that authority.
(2) The appropriate superannuation fund in relation to a pensionable employee of an employing authority who are a party to an admission agreement or an agreement under regulation B4 made with an admitting authority shall be the fund administered by the admitting authority.
(3) The appropriate superannuation fund in relation to the pensionable employees of the Western Isles Islands Council shall be the fund maintained by the Highland Regional Council.
(4) The appropriate superannuation fund in relation to the pensionable employees of the Central Scotland Water Development Board shall be the superannuation fund maintained by the Strathclyde Regional Council.
(5) Subject to paragraph (6), in any case not falling within paragraphs (1), (2), (3) or (4), the appropriate superannuation fund in relation to the pensionable employees of an employing authority shall be the superannuation fund maintained by the administering authority for the area within which the employing authority or the greater part of the area of that authority is situate.
(6) In any case falling within paragraph (5) if the Secretary of State, on an application made to him, is satisfied, after consultation with the bodies appearing to him to be concerned, that it is expedient so to do, he may from time to time direct that all or any of the pensionable employees of the employing authority concerned shall be entitled to participate in the benefits of the superannuation fund maintained by some other administering authority and where he gives such a direction he shall give such further directions as he deems necessary for the making of financial adjustments, whether by way of a transfer of an apportioned part of the assets comprised in the fund in the benefits of which, but for that direction, those employees would have been entitled to participate, or the making of a payment out of that fund or both, for the transfer of any liabilities of that fund, and with respect to other consequential and incidental matters.".
6. The following regulation shall be substituted for regulation B6 of the principal regulations (which covers use and investment of superannuation fund's moneys):—
"(1) If any moneys forming part of a superannuation fund maintained under this Part are not for the time being required to meet payments to be made out of the fund under these regulations, the administering authority shall invest the moneys and for that purpose the Trustee Investments Act 1961(a) shall apply subject to Schedule 18, or in lieu of such investment, may subject to paragraph (4) use the moneys for any purpose for which they have a statutory borrowing power, or may lend the moneys to any other employing authority contributing to the fund for use for any purpose for which that authority have a statutory borrowing power, subject to the conditions specified in paragraph (2).
(2) The conditions mentioned in paragraph (1) shall be—
(a) interest shall be paid to the fund on any moneys used as mentioned in that paragraph and for the time being not repaid at such rate per cent. per annum as may be determined by the administering authority to be equal, as nearly as may be, to the rate of interest which would be payable on a loan raised on a mortgage under the statutory borrowing power; and
(b) the statutory borrowing power for the purpose of which the moneys are so used shall be deemed to be exercised by such use as fully in all respects as if a loan of the same amount had been raised in exercise of the power.
(3) Such costs, charges and expenses incurred by an administering authority in exercising the powers conferred upon them by paragraph (1) as may be determined by the authority may be paid out of the superannuation fund maintained by them under this Part.
(4) An administering authority shall not under paragraph (1) use—
(a) any further moneys forming part of the superannuation fund maintained by them for any purpose for which they have a statutory borrowing power other than for the purpose of defraying expenses (including those payable by them to meet the expenses of other local authorities) pending the receipt of revenues receivable by them in respect of the financial year in which those expenses are chargeable, so long as the aggregate amount for the time being not repaid of any moneys, which formed part of the superannuation fund a body, from whom a superannuation fund is by regulation N4 transferred to that authority, was maintaining immediately before 16th May 1975 and which were used by that body, for any purpose for which the authority have on or after 16th May 1975 a statutory borrowing power, equals or exceeds 25% of the value at cost for the time being of the fund maintained by that authority under this Part;
(b) any moneys for any such purpose, so as to bring the aggregate amount of all moneys so used by them to an amount which exceeds 25% of that value.".
7. After regulation B6 of the principal regulations there shall be added the following regulations:—
"Periodical valuation of superannuation fund
B7.—(1) Every administering authority shall obtain from an actuary, within the period specified in paragraph (2), an actuarial valuation—
(a) as at 16th May 1975, and
(b) as at the last day of the financial year 1979/80, and
(a) 1961 c. 62.
(c) as at the last day of the financial year in each fifth year thereafter, of the assets and liabilities of the superannuation fund maintained by them under this Part and a report thereon.
(2) The period referred to in paragraph (1) shall be the period of 21 months after the date as at which the superannuation fund maintained by an administering authority is, in accordance with the provisions of that paragraph, to be valued by an actuary or such extended period as the Secretary of State may allow.
(3) The administering authority shall, within 9 months after the date referred to in paragraph (2) or within such extended period as the Secretary of State may allow, furnish the actuary who is to consider the condition of the fund with such information as he may require.
(4) Forthwith upon receipt of any valuation or report under this regulation, an administering authority shall—
(a) send a copy thereof to the Secretary of State and copies thereof to all employing authorities interested in the superannuation fund maintained by the administering authority; and
(b) furnish to the Secretary of State a copy of the consolidated revenue account of the fund furnished to the actuary for the purposes of that valuation and report; and
(c) unless that report contains a summary of the assets of the fund as at the date when that valuation was made, send to the Secretary of State such a summary.
Actuary's certificates
B8.—(1) Every administering authority shall—
(a) as soon as is reasonably practicable after 16th May 1975 obtain from an actuary; and
(b) as soon as is reasonably practicable after they obtain under regulation B7 an actuarial...
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