SECTION 11: FINANCE AND ACCOUNTING PROVISIONS
Appointment of Actuary, Auditor and Legal Adviser
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| 11.01 |
The Authority shall from time to time appoint an actuary to
be the Actuary of the Scheme. The Authority shall appont an Auditor or Auditors
and a Legal Advisor or Legal Advisors as appropriate to the Scheme.
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Superannuation Account
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| 11.02 |
(1) |
There shall be kept a Superannuation Account of all credits
and debits in connection with the Scheme, except as specified in Appendices
7 and 8. The accounting period shall be the period of 12 months ending
on
31 March in each successive year. The Account shall be submitted to the
Comptroller and Auditor General not later than 7 months after the end of
the accounting
period.
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(2) |
There shall be accounts (separate to the account required
in Rule 11.02(i)) of credits and debits in connection with the contributions
to and benefits under Section 7 (Additional Voluntary Contribution Scheme)
and Section 8 (Shift Pay Pensions Savings Plan). The accounting period
shall
be the period of 12 months ending on 31 March and 5 April respectively
in each successive year. The Accounts shall be submitted to the Auditors
selected
by the Authority
not
later than 7 months after the end of the accounting period (also known
as the Scheme year).
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Credits to Superannuation Account
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| 11.03 |
There shall be credited to the Superannuation Account:
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(a) |
contributions and payments by members in accordance with –
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(i) |
Section 2; Rules 3.18, 6.10, 6.12, 6.13, 6.44(A)(1), 6.52,
6.53 and 6.57;
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(ii) |
Former Rules 2, 4, 4A, 28 and 27(3)(g);
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(b) |
credits by the Authority in respect of:
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(i) |
such sums (and by such instalments) as the Authority may from
time to time determine after consultation with the Actuary as shall be required
to provide pensions and other benefits payable and prospectively payable
under the Scheme (except as specified in Appendices 7 and 8) in accordance
with the recommendation of the Actuary under Rule 11.06 or 11.07;
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(ii) |
such sums (and by such instalments) as the Authority may determine
after consultation with the Actuary as may be necessary to reimburse the
Account for the amounts by which payments debited to the Account for each
member prematurely retired in accordance with Appendix 8 and Rule 5.19 exceed
the payments which would have been debited if he had resigned or, in the
case of a member who could have retired of his own volition, if he had so
retired; and for the amount by which payments debited to the Account for
each member who has exercised an option granted under Rule 4.01 to change
his retirement age to 60 exceed the payments which would have been debited
if he had not exercised the option;
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(iii) |
any other sums required under the Rules and the Former Rules
to meet the pensions and other benefits specified in paragraph (i);
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(c) |
all moneys received under Rule 9.10 and Former Rule 10 (in
the case of a former non industrial scheme member Former Rule 3) in respect
of staff entering employment including the current value as estimated by
the Actuary of any policy of assurance or deferred annuity policy assigned
for the purpose; and
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(d) |
interest at a rate determined each year by the Authority after
consultation with the Actuary.
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Reimbursement of Authority by other employers
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| 11.04 |
Sums credited to the Superannuation Account in pursuance
of Rule
11.03(b) shall be reimbursed to the Authority by the other employers to
such extent and in such proportions as the Authority, acting on the advice
of the Actuary and after agreement with the other employers, determine
to be fair and reasonable, or in default of such agreement between the
Authority and the other employers as the Secretary of State may direct.
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Debits to Superannuation Account
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| 11.05 |
Except as provided in the Rules, there shall be debited to
the Superannuation Account all expenditure on benefits and other payments
out of the Scheme.
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Actuary’s investigation
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| 11.06 |
As soon as possible after 31 March 1975 and thereafter as
soon as possible after the end of each such period not exceeding 5 years
as the Authority shall from time to time determine, the Actuary shall make
an investigation into the financial position of the Superannuation Account
as at that date or as at the end of each such period (as the case may be)
and into the adequacy of the contributions and other payments payable to
members and the credits from the Authority in relation to the benefits payable
and future liabilities arising under the Scheme, and shall report the results
of his investigations to the Authority. The Actuary shall recommend in his
report what credits should be paid by the Authority until the next periodical
investigation in order to maintain the amount in the Superannuation Account
in reasonable balance with the capital value of the liabilities under the
Scheme.
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Actuary’s advice on amount of credits payable by Authority
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| 11.07 |
On a change in the benefits or in any Rule of the Scheme,
or on a change in the scope or membership of the Scheme, or for any other
reason, the Authority may at any time request the Actuary to review his
latest recommendation as to the amount of credits being paid by the Authority,
and to advise them whether in his opinion any change in the amount of the
credits recommended is necessary.
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