This is a technical note on actuarial valuations and the establishment of an employer cost cap mechanism in the public service pension schemes.
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The Public Service Pensions Act provides the legal framework for regular actuarial valuations of the public service pension schemes to measure the costs of the benefits being provided. These valuations will inform the future contribution rates to be paid into the schemes by employers. The Act also provides for the establishment of an employer cost cap mechanism to ensure that the costs of the pension schemes remain sustainable in future. This note provides further details on the Treasury’s policy with regard to valuations and the cost cap, and on the Directions and Regulations, made under this Act, which implement this policy.
The Treasury has a statutory duty to consult the Government Actuary before making the Directions.
Read the correspondence which sets out the outcome of this consultation process, and access further information about amendments to the Directions.
Published: 13 March 2014
Updated: 12 March 2015
- Updated Directions 2014 document
- Updated documents
- New directions and amendment directions published
- Amended Directions published. Correspondence moved to a new location alongside archived version of Directions.
- First published.