EDUCATION Citation, commencement and interpretation 1 1 These Regulations may be cited as the Teachers' Superannuation (Additional Voluntary Contributions) (Amendment) Regulations (Northern Ireland) 2003. 2 These Regulations shall come into operation on 1st April 2003 and shall have effect from 1st April 2000. 3 In these Regulations “the 1996 Regulations ” means the Teachers' Superannuation (Additional Voluntary Contributions) Regulations (Northern Ireland) 1996 . Amendment of 1996 Regulations 2 1 In regulation 2(1) of the 1996 Regulations – a there shall be inserted in the appropriate place in alphabetical order – “Insurance company” means – a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of long-term insurance, or an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to that Act , which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to effect or carry out contracts of long-term insurance; The definition of “insurance company” shall be read with – a section 22 of the Financial Services and Markets Act 2000; b any relevant order under that section; and c Schedule 3 to that Act. “Investment Linked Pension” means a pension which remains investment linked after it becomes payable and which is payable from the proceeds of an annuity policy authorised by the Department for the purposes of these Regulations and managed by an insurance company selected by it . “pro-rata employment” means employment in respect of which a teacher is paid a proportion of the annual salary that would be appropriate if he were employed in a full-time capacity, but does not include employment in respect of which the remuneration of the teacher is expressed in terms of an hourly rate. b for the definition of “Principal Regulations” there shall be substituted – “ Principal Regulations ” means the Teachers” Superannuation Regulations (Northern Ireland) 1998 ; ; c for the definition of “reckonable service” there shall be substituted – “reckonable service” has the meaning given to it in regulation D1(1)(a) of the Principal Regulations; . d “the 1977 Regulations ” means the Teachers' Superannuation Regulations (Northern Ireland) 1977. 2 In regulation 5 of the 1996 Regulations at the end of paragraph (3)(c)(iii) there shall be added – , or iv is to be an Investment Linked Pension. . 3 In regulation 10(1) of the 1996 Regulations for the words “Where a person who enters employment in reckonable service has during previous employment paid contributions to” there shall be substituted “Where a person in pensionable employment has paid contributions to”. 4 In regulation 12 of the 1996 Regulations – a in paragraph (5) for the word “shall” where it first appears there shall be substituted “may”; b for the “and” at the end of paragraph (5)(d)(iii) there shall be substituted “or” and thereafter there shall be inserted – iv is to be an Investment Linked Pension; and ; and c for paragraph (8) there shall be substituted – 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 Department 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 appears to it to be suitable. ; and d at the end of paragraph (9) after “as a lump sum” there shall be added – limited to 5 times the annual rate at which the retirement pension would have been payable had he not died . 5 In paragraph 4 of the Schedule to the 1996 Regulations – a after sub-paragraph (1) there shall be inserted – 1A In this paragraph in calculating “the average of the participator’s salary” where the participator has spent any of the period in paragraph 4(1) in pro-rata 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 following – subject to sub-paragraph 2(A) . c after sub-paragraph (2) there shall be inserted – 2A In calculating the “adjusted salary” for a participator who has spent any of the periods mentioned in sub-paragraph (2) in pro-rata 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. . 6 In paragraph 8 of the Schedule to the 1996 Regulations at the beginning of sub-paragraph 8(1) there shall be inserted “Subject to paragraph 8A,” and after paragraph 8 there shall be inserted – 8A Where – a a participator joined the Teachers' Superannuation Scheme under the 1977 Regulations or the Principal 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 , the permitted amount shall be G as defined in paragraph 8. . Sealed with the Official Seal of the Department of Education on 21st February 2003. J. Caldwell A Senior Officer of the Department of Education The Department of Finance and Personnel hereby consents to the foregoing Regulations. Sealed with the Official Seal of the Department of Finance and Personnel on 21st February 2003. Jack Layberry A Senior Officer of the Department of Finance and Personnel