Our actuary reviews and amends employer contribution rates every three years. When the actuarial valuation has been completed, the actuary prepares a valuation report.
The report analyses scheme membership by type, assesses our financial position (i.e. are our 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 our 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 last valuation was based on membership as at 31 March 2022 with new employer contribution rates coming into effect on 1 April 2023.