Pension costs review for Northern Ireland Water
GAD has carried out a pensions cost review, to help the Utility Regulator for Northern Ireland decide if it needs to adjust the pensions costs requested by the water provider.
The 바카라 사이트 Actuary바카라 사이트™s Department (GAD) has supported the Utility Regulator for Northern Ireland in the review of pension costs for Northern Ireland Water (NIW).
The review will help the Utility Regulator determine the pension costs allowed for during NIW바카라 사이트™s next price control period. This will cover the period from 1 April 2021 to 31 March 2027.
The is an independent non-ministerial government department. It is responsible for regulating Northern Ireland바카라 사이트™s electricity, gas, water and sewerage industries. Its aim is to promote the short- and long-term interests of consumers.
Pension schemes
NIW operates both defined contribution and defined benefit (DB) pension schemes. The DB scheme was set up in August 2010 for staff transferred from the Civil Service, although membership is also open to new staff joining NIW.
GAD Actuary, Hayley Spencer led on the project and said: 바카라 사이트śWe produced a report on the key factors which determine NIW바카라 사이트™s pensions costs. Our report focussed on the benefit structures, the assumptions in the funding valuation, and the pensions costs requested by NIW in its Business Plan.
바카라 사이트śWe also compared the funding approach with industry practice in the UK private sector, as well as pension schemes of other regulated companies. These included the Northern Ireland Electricity Networks and Ofgem.바카라 사이트ť
The findings within GAD바카라 사이트™s report enabled the Utility Regulator to decide whether it needed to adjust the pensions costs requested by NIW.
Draft determination
The Utility Regulator published a on 30 September 2020. The was published in full with the draft determination. NIW and other stakeholders can respond to the Draft Determination, which closes on 16 December 2020.
GAD continues to support the Utility Regulator on the pensions aspects of responses received and the Final Determination, which is due to be published on 11 March 2021.