Valuation Directions for public service pensions
The Government Actuary has completed a consultation on the Directions for the 2024 public service pension scheme valuations.
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The Government Actuary Fiona Dunsire has completed a consultation with HM Treasury on the Public Service Pensions (Valuation and Employer Cost Cap) Directions 2023 as amended by the Amending Directions (PDF, 204KB).
These set out how the 2024 valuations should be undertaken for the public service pension schemes and ensure that the valuations can be completed using updated assumptions.
The results of the 2024 valuations inform the future contribution rates to be paid into the schemes by employers from 1 April 2027. The reformed Cost Control Mechanism, brought in for the 2020 valuations, is also tested as part of the valuation process.
Consultation on Directions
There is a statutory duty for HM Treasury to consult the Government Actuary on the Directions. This consultation was completed in May 2026.
In her response to HM Treasury (PDF, 661KB), Fiona Dunsire said the 2023 Directions as amended by the Amending Directions: “… will deliver results for the 2024 valuations which largely meet the stated objectives, with some better met than others.”
She also noted that in her opinion the 2023 Directions as amended by the Amending Directions, “…are technically complete and coherent when taken as a whole.”
Next steps
Now the Directions have been published, GAD will begin finalising valuation results and reports. We expect to begin publishing the first sets of reports in June 2026.