Citation, commencement and interpretation

1. —(1) These Regulations may be cited as the Teachers' Superannuation (Additional Voluntary Contributions) (Amendment) Regulations 2000.

(2) These Regulations shall come into force on 1st April 2000.

(3) In these Regulations “the Principal Regulations” means the Teachers' Superannuation (Additional Voluntary Contributions) Regulations 1994( 3 ).

Amendment of Principal Regulations

2. In regulation 2(3)–

(a) there shall be inserted in the appropriate place in alphabetical order the following definition–

“ “Investment Linked Pension” means a pension which is linked to the performance of investments after it becomes payable and which is payable from the proceeds of an annuity policy authorised by the Secretary of State for the purposes of these Regulations and managed by an insurance company selected by him; ” ; and

(b) for the definition of “reckonable service” there shall be substituted the following definition–

• “ “reckonable service” has the meaning given to it in regulation D1(1)(a) of the 1997 Regulations ( 4 ) ; ” .

3. In regulation 5 at the end of paragraph (3)(c)(iii) there shall be added–

“ or

(iv) is to be an Investment Linked Pension. ” .

4. In regulation 10(1) for the words “Where a person who enters pensionable employment has during previous employment paid contributions to” there shall be substituted “Where a person in pensionable employment has paid contributions to”.

5. In regulation 12–

(a) in paragraph (5) for “shall” there shall be substituted “may”;

(b) at the end of paragraph (5)(d)(iii) for “and” there shall be substituted “ or”;

(c) after paragraph (5)(d)(iii) there shall be added–

“ (iv) is to be an Investment Linked Pension; and ” ; and

(d) for paragraph (8) there shall be substituted the following paragraph–

“ (8) Subject to paragraphs (9) and (10), if the participator has not made an election under paragraph (5) before he attains the age of 75, the Secretary of State may on or after his attaining that age realise the investments made under regulation 9(1) or 10(2) and apply the amount obtained to the purchase of a pension policy from the insurance company referred to in regulation 9 to provide such benefits as appear to him to be suitable. ” .

6. In paragraph 4 of the Schedule–

(a) after sub-paragraph (1) there shall be inserted the following sub-paragraph–

“ (1A) In calculating for the purposes of this paragraph the average of the participator’s salary, where the participator has spent any of the period mentioned in paragraph 4(1) in part-time employment the salary for that period shall be the amount which it would have been if the employment had been full-time during that period. ” .

(b) in sub-paragraph (2) there shall be inserted after the words “In this paragraph” the words “subject to sub-paragraph (2A)”.

(c) after sub-paragraph (2) there shall be inserted the following sub-paragraph–

“ (2A) In calculating for the purposes of this paragraph the adjusted salary for a participator who has spent any of the periods mentioned in paragraph (2) in part-time employment, the salary for that period shall be the amount which it would have been if the employment had been full-time during that period. ” .

7. —(1) In the Schedule, at the beginning of paragraph 8(1) there shall be inserted the words “Subject to paragraph 8A”.

(2) After paragraph 8 of the Schedule there shall be inserted the following paragraph–

“ 8A. Where–

(a) a participator joined the Teachers' Pension Scheme under the 1989 Regulations or the 1997 Regulations on or after 1st September 1991;

(b) his election under regulation 4, or, if more than one, his first election, takes effect on or after 1st April 2000; and

(c) his earnings in his first year of pensionable employment do not exceed one-quarter of the permitted maximum under section 590C of the Taxes Act ( 5 ) , the permitted amount shall be G as defined in paragraph 8. ”