145Fixing of scheme earning rate

145 Fixing of scheme earning rate

(1)  The Commission is to calculate and determine a scheme earning rate (which may be positive or negative) at least annually, having regard to –

(a) the earning rates of the TASS Fund; and

(b) the Commission’s investment strategy and policy; and

(c) any allowances for unrealised capital gains or losses; and

(d) the cost of administration, investment management, taxation and other expenses the Commission has paid or is likely to pay for the cost of administering or managing the scheme.

(2)  The Commission, at least annually, is to credit (or debit, where appropriate) to a member’s account or accounts interest at the scheme earning rate.

(3)  The Commission may, whenever it considers appropriate, calculate and determine an interim earning rate (which may be positive or negative) having regard to the matters referred to in subregulation (1) , to be applied –

(a) to a benefit which becomes payable or to a transfer of a benefit in respect of a member; or

(b) for any other purpose –

for the period since 30 June 2006 or the last date at which a scheme earning rate or interim earning rate was determined, whichever is the later.

(4)  The Commission must determine whether the scheme earning rate or interim earning rate is to be applied –

(a) on daily balances; or

(b) on average balances; or

(c) on some other basis.