§ Mr. Nobleasked the Secretary of State for Social Services if he intends to amend the State Scheme Premiums (Actuarial Tables) Regulations; and if he will make a statement.
§ Mr. OrmeUnder the State Scheme Premiums (Actuarial Tables) Regulations 1976, the level of the premiums payable at any time depends on the value of a "market level indicator", which in turn depends on the value of theFinancial Times-Actuaries 20-year Government Stock Index. It was made clear when the regulations were introduced that they would be amended to re-express the market level indicator in terms of the new government stock indices which were then known to be in the course of preparation. These indices have now been introduced and the 20-year Government Stock Index has been discontinued. Within the next few weeks my Department will circulate to the pensions organisations, for comment, proposals for amending the regulations to take account of these 295W changes in the published indices, with a view to amending the regulations early in the next Session. It is intended that 'the amended regulations should have broadly the same effect, and should operate from the same date, namely 6th April 1978, as the existing regulations. I understand that the Occupational Pensions Board will at the end of this week be publishing guidance as to how actuarial certificates required in connection with contracting-out elections under the Social Security Pensions Act 1975 should be completed in the interim period before the regulations are amended.