Do the tensioner. Water pump only if doesn't check out fine.

for what it's worth, I asked my dealer to "pre-emptively" replace my water pump along with the 210k T-belt change. I asked to be given to old pump. When we looked at it, everyone involved (at Volvo dealership) felt it had tons of miles left in it. The shaft was as tight as the new unit that went in to replace the original. Of course, as they say....past performance is no indicator of future performance.... but thought you might be interested in my experience. I'd certainly wait till the next T-belt change if the pump feels tight when you strip the T belt off.

claude
94'855M 260,000 miles

Tom, to those who tell you "not to worry" about the water pump and tensioner brg., make sure that you get their personal phone numbers, so you can call them for help .... Besides the fact that the engine is of interference design and a failed or locked-up brg. will cause serious damage, all the water pumps I have ever replaced (100's) gave no warning and did so at a most inconvient time. Tom

A 2000 uses a mechanical tensioner. TSB 2210015 covers the procedure to
set it (you have to set the position based on air temperature). You might
ask the dealer for a copy. The instructions a Bay 13 for replacing the
timing belt don't apply to your model year (in case you were following
those steps). A couple other posts on this board recommend letting the
dealer do the mechanical tensioner timing belts (introduced mid year
in 1998 models).

I would not replace the water pump -- they do not seem to be a problem area
at all.

If you are going to do it yourself then what is the big deal. Labour is free (except for the six pack) and why waste good parts if old ones are still OK.
OTOH if you want to replace something more substantial than t-belt, why not tackle the engine, or, what the heck, go after transmission too (don't get discouraged even if it is a manual). You never know when it fails. Just my $0.02 (or should I say 2 pennies).
Happy replacing.