The Fund’s actuary reviews and amends employer contribution rates every 3 years. The last actuarial valuation was based on Fund membership as at 31 March 2013.
When the actuarial valuation has been completed, the actuary prepares a valuation report. The latest reports can be found at the bottom of this page.
The report analyses scheme membership by type, assesses the Fund’s financial position (i.e. are the Fund’s assets sufficient to meet its projected liabilities), sets out the assumptions for future inflation and investment returns and then provides a schedule of the contribution rates for each of the Fund’s employing bodies. These rates are set at a level sufficient to secure the ongoing viability of the Fund. Scheme members are reminded that their own contribution rates are fixed by statute and that it is the employing bodies who must make good any shortfall in Fund assets relative to liabilities.
The next valuation will be based on membership as at 31 March 2016 with new employer contribution rates coming into effect on 1 April 2017.
Latest valuation reports