Cost cap valuation of the HSC Pension Scheme (Northern Ireland)
The Government Actuary's Department has prepared a cost cap valuation of the HSC Pension Scheme (Northern Ireland) as at 31 March 2016.
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The Government established a cost control mechanism for public service pension schemes to ensure a fair balance of risks between scheme members and the taxpayer. The employer cost cap for the Health and Social Care (HSC) Pension Scheme (Northern Ireland) was set at 12.9% of pay, following the 2012 valuation. If at subsequent valuations the cost of the scheme is outside a corridor above / below the employer cost cap, the Public Service Pensions Act (Northern Ireland) 2014 requires action to be taken to bring costs back to the target cost.
The cost of the scheme calculated in this cost cap valuation is 1.3% of pay below the employer cost cap. The result lies within the ±2% corridor, which means that no changes to benefits or member contributions are required.
The cost cap valuation report relies on three earlier reports from the 2016 valuation: