SCHEDULE 5 Regulation 74.

1. (1) The appropriate fund for a member is the fund specified in column 2 of the following Table for a member of his description.

(2) But where a member falls into paragraph 5 of that Table or paragraph 3 of the Table in Part II of this Schedule, the Secretary of State may by direction substitute another fund ("the substituted fund").

(3) Before doing so he must consult with any bodies appearing to him to be affected by the proposed direction.

(4) The direction may require the making of financial adjustments between the funds, whether by way of a payment to the substituted fund or of a transfer of assets or both.

(5) It may also contain provision as to the transfer of liabilities to the substituted fund and any other consequential and incidental matters.

(6) Where an administering authority have established an admission agreement fund under regulation 75-

(a) references in this Schedule and in regulation 74 to the fund are to the fund maintained by that authority under regulation 73, and

(b) in relation to a member employed by a body specified in the notice required by regulation 75(3), the appropriate fund is the admission agreement fund.

1.-(1) A London member is a member to whom sub-paragraph (2), (3) or (4) applies.

(2) This sub-paragraph applies to an employee of a London borough council or of the Common Council who-

(a) immediately before 1st April 1974 was by virtue of article 14 or 15 of the London Authorities (Superannuation) Order 1965 entitled to participate in the benefits of the superannuation fund maintained under Part I of the Act of 1937 by the Greater London Council,

(b) became a pensionable employee (within the meaning of the 1986 regulations) on 1st April 1974, and

(c) has since 1st April 1974 continued in the employment of the same London borough council, or, as the case may be, of the Common Council.

(3) This sub-paragraph applies to a person who-

(a) is eligible to be a member by virtue of regulation 127(3), and

(b) immediately before 1st April 1974 was entitled to participate in the benefits of the superannuation fund maintained under Part I of the Act of 1937 by the Greater London Council.

(4) This sub-paragraph applies to a person who-

(a) is eligible to be a member by virtue of regulation 127(5),

(b) is an employee of-

(i) the probation committee for any area in Greater London other than the City of London probation area,

(ii) the London Residuary Body established by section 57(1)(a) of the Local Government Act 1985,

(iii) the Lee Valley Regional Park Authority,

(iv) the London Fire and Civil Defence Authority established by section 27 of that Act,

(v) the London Waste Regulation Authority, the West London Waste Authority, the North London Waste Authority, the East London Waste Authority or the Western Riverside Waste Authority (all of which authorities were established by the Waste Regulation and Disposal (Authorities) Order 1985)), or

(vi) the Commission for Local Administration in England, and

(c) either-

(i) within one month and a day after ceasing to be an employee of the Inner London Education Authority established by section 18 of the Local Government Act 1985, became an employee of a London borough council or of the Common Council, or

(ii) at any time after 31st March 1990 ceased to be an employee of the London Residuary Body, and within one month and a day after so ceasing became an employee of a London borough council or of the Common Council.

2.-(1) A Welsh member is a member whose appropriate fund was determined immediately before the commencement date by regulation 3 of the Local Government Pension Scheme (Local Government Reorganisation in Wales) Regulations 1995 and who continues to be employed by the same employing authority.

(2) The appropriate regulation 3 fund for such a member is the fund determined under that regulation for him.

3. A Part II member is a member falling within column 1 of the Table in Part II of this Schedule.

PART II

MISCELLANEOUS AUTHORITIES

TABLE

1. An ILEA employer is an institution or school formerly assisted or maintained by the Inner London Education Authority, or a corporation which has been established for the purpose of conducting an institution or school formerly assisted or maintained by that Authority.

2 A metropolitan county employer is a school, corporation or institution, the whole or greater part of which is situated in a metropolitan county.

3. A further education corporation and a higher education corporation are to be treated as situated where the institution conducted by the corporation is situated.

PART III

MEMBERS AFFECTED BY LOCAL GOVERNMENT REORGANISATION

TABLE

Section A

Schedule 5A
(Regulation 108A)

MIS-SOLD PENSIONS

Prescribed persons
     1 . For the purposes of regulation 108A(2) (prescribed persons to whom information may be provided) the persons are: - 

(a) a person who is or has been an authorised person within the meaning of the Financial Services Act 1986 ("the 1986 Act") ("an authorised person");

(b) an appointed representative within the meaning of section 44 of the 1986 Act ("an appointed representative");

(c) a recognised self-regulating organisation within the meaning of the 1986 Act;

(d) a recognised professional body within the meaning of the 1986 Act;

(e) the Securities and Investments Board;

(f) the Investors Compensation Scheme Limited;

(g) a professional indemnity insurer of an authorised person or an appointed representative;

(h) The Chartered Accountants Compensation Scheme Limited;

(i) The Solicitors Indemnity Fund Limited;

(j) a person or body arbitrating or adjudicating in, or investigating or considering, a complaint brought by such an individual as is mentioned in section 172(1) of the Pensions Act against an authorised person or an appointed representative;

(k) a person or body appointed to act on behalf of any of the above.

     2 . For the purposes of regulation 108A(3) (persons on whom fees may be imposed) the persons are any person listed in sub-paragraphs (a) to (d) and (f) to (i) of paragraph 1 and any person or body appointed to act on behalf of any of those persons.

     3 . A restitution payment in relation to an individual shall be an amount equal to the total of: - 

(a) the capitalised value of the rights which would have accrued to him under these regulations at the material date if he had been a member of the Scheme throughout the relevant period including the capitalised value of any rights under the Pensions (Increase) Act 1971[7] and the Pensions (Increase) Act 1974[8], and

(b) the transfer value (if any) previously paid out of the Scheme under regulation K2 to the personal pension scheme in respect of the transferred-out service increased by interest at a rate approved from time to time by the Government Actuary for that purpose on a daily basis over the period from the date on which such a transfer value was paid out of the Scheme to the date on which it is assumed, for the purpose of calculating the restitution payment, that a transfer value will be paid to the Scheme ("the calculation date").

     4 . The amount, if any, calculated by virtue of paragraph 3(b) shall be at least equal to the amount of the cash equivalent transfer value which would be payable by the Scheme in respect of the transferred-out service if the Scheme were to pay a cash equivalent transfer value in respect of that service immediately after the calculation date.

     5 . In this Schedule - 

(a) "capitalised value" means the capitalised value at the material date as determined by the fund authority in such manner as shall be approved by the Government Actuary and using the current tables of factors issued by the Government Actuary for calculating cash equivalent individual transfer values;

(b) "material date" means the date on which the administering authority is asked to provide the calculation of the restitution payment;

(c) "relevant period" has the same meaning as in regulation K15A(3) ((b)(i)); and

(d) "transferred-out service" means the period of service which the member transferred out of the Scheme by exercising a right to a cash equivalent under regulation K2. (SI1997/1613)