The Armed Forces Pension Regulations 2014
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Change 1
114 Employer cost cap
(1) The employer cost cap for this scheme is 34.6 % of pensionable earnings of members of the scheme. (2) Where the cost of this scheme goes beyond the margin either side of the employer cost cap for this scheme specified in regulations under section 12(5)(a) of the Act, the Secretary of State must consult such persons (or those appearing to the Secretary of State to represent such persons) as appear to the Secretary of State likely to be affected by any steps that will be taken, with a view to the Secretary of State determining the steps required to achieve the target cost for this scheme. (3) Following such consultation, the Secretary of State must determine that an adjustment to this scheme must be made so that the target cost for it is achieved. (4) In this regulation— (a) “cost of this scheme” means the cost of this scheme calculated following a valuation in accordance with regulation 113 (appointment of scheme actuary and actuarial valuations); and (b) “target cost for this scheme” means the target cost for this scheme specified in regulations under section 12(5)(b) of the Act.
114 Employer cost cap
(1) The employer cost cap for this scheme is 34.6 % of pensionable earnings of members of the scheme. (2) Where the cost of this scheme goes beyond the margin either side of the employer cost cap for this scheme specified in regulations under section 12(5)(a) of the Act, the Secretary of State must consult such persons (or those appearing to the Secretary of State to represent such persons) as appear to the Secretary of State likely to be affected by any steps that will be taken, with a view to the Secretary of State determining the steps required to achieve the target cost for this scheme. (3) Following such consultation, the Secretary of State must determine that an adjustment to this scheme must be made so that the target cost for it is achieved. (4) In this regulation— (a) “cost of this scheme” means the cost of this scheme calculated following a valuation in accordance with regulation 113 (appointment of scheme actuary and actuarial valuations); and (b) “target cost for this scheme” means the target cost for this scheme specified in regulations under section 12(5)(b) of the Act.
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