Education, England And Wales Citation and commencement 1 These Regulations may be cited as the Teachers’ Pensions (Amendment) Regulations 2012 and come into force on 1st April 2012. Amendments to the Teachers’ Pensions Regulations 2010 2 The Teachers’ Pensions Regulations 2010 are amended in accordance with regulations 3 to 13. 3 In regulation 16 (contributable salary – residential accommodation), in paragraph (3), for “But if the total of the money value of the residential benefits in kind”, substitute “But if the money value of the residential accommodation mentioned in paragraph (1)(a)”. 4 In regulation 64 (abatement of retirement pension during further employment), for paragraph (10), substitute— 10 Where the actual pension paid in any tax year has exceeded the amount which should have been paid by virtue of paragraph (5) (“the excess payment”), the pension payable in the subsequent tax year is to be reduced by an amount equal to the excess payment, but where in that tax year a reduction is not made, or the reduction made is not equal to the excess payment, the pension is to be reduced in the following or any other subsequent tax year— a by an amount equal to the excess payment, or b in a case where the reduction made is not equal to the excess payment, by such further amount or amounts as are required until the total amount of the reduction is equal to the excess payment. . 5 In regulation 105 (pension credit retirement benefits), omit paragraph (4)(a). 6 In regulation 116 (election to receive lump sum in place of part of pension)— a in paragraph (2), omit “before the person reaches the age of 75”; and b in paragraph (5)(b), omit “before PCM reaches 75”. 7 In regulation 118 (commutation: serious ill health), in paragraphs (1) and (3), omit “who is under 75”. 8 In regulation 119 (commutation: small pensions), in paragraph (8), omit sub-paragraphs (a) and (b). 9 In Schedule 1 (glossary of expressions), for the meaning of “Academy”, substitute “construe in accordance with section 579 of EA 1996 .” 10 In Part 1 of Schedule 2 (employments pensionable without election), in paragraph 2(b), for “an agreement such as is described in section 482 of EA 1996 with the Secretary of State to establish and maintain the Academy”, substitute “an Academy agreement as defined in section 1 of the Academies Act 2010” . 11 1 Schedule 3 (employees’ and employers’ contributions) is amended as follows. 2 In paragraph 1 (interpretation), for sub-paragraph (b), substitute— b “the initial contribution period” means the contribution period which is current when these Regulations come into force; . 3 In paragraph 2, for sub-paragraph (2), substitute— 2 The percentage rate for an employee’s contribution under regulation 18 (teachers’ ordinary contributions) for the initial contribution period is— a for each month during which the employee is in full-time pensionable employment, the rate set out in the table which is applicable to the employee’s annual contributable salary for that month; and b for each month during which the employee is in part-time pensionable employment, the rate set out in the table which is applicable to the full-time equivalent of the employee’s annual contributable salary for that month. Table Annual contributable salary Rate Below £15,000 £15,000 to £25,999 £26,000 to £31,999 £32,000 to £39,999 £40,000 to £74,999 £75,000 to £111,999 £112,000 and above 6.4% 7.0% 7.3% 7.6% 8.0% 8.4% 8.8% . 12 In Schedule 4 (contributions for additional pensions), in paragraph 3(6) (maximum amount of additional pension), after “previous election”, insert “, rounded to the nearest £100,”. 13 In Schedule 7 (retirement benefits), in paragraph 4(3)(d), after “the General Teaching Council for Wales (b) ”, insert “or the Secretary of State has made, or the General Teaching Council for Wales or the Secretary of State ”. Nick Gibb Minister of State Department for Education 28th February 2012 We consent Angela Watkinson Michael Fabricant Two of the Lords Commissioners of Her Majesty’s Treasury 2nd March 2012