12 Employer cost cap
Public Service Pensions Act 2013 (2013 c 25) | Legislation

12  Employer cost cap

(1)     Scheme regulations for a scheme under section 1 which is a defined benefits scheme must set a rate, expressed as a percentage of pensionable earnings of members of the scheme, to be used for the purpose of measuring changes in the cost of the scheme.

[(1A)     Subsection (1) must be complied with before the end of the period of one year beginning with the day on which the scheme's first valuation under section 11 is completed.]

[(2)     A reference in this section to “the employer cost cap” of a scheme under section 1 is a reference to the rate set by virtue of subsection (1) in relation to the scheme.]

(3)     The employer cost cap [of a scheme under section 1] is to be set[, and the changes in the cost of such a scheme are to be measured,] in accordance with Treasury directions.

(4)     Treasury directions may in particular specify—

(a)     how the first valuation under section 11 of a scheme under section 1 is to be taken into account in setting [the employer cost cap of the scheme];

(b)     the costs,

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