Cost cap valuation of the Local 바카라 사이트 Pension Scheme (Scotland)
The 바카라 사이트 Actuary's Department (GAD) has prepared a cost cap valuation of the Local 바카라 사이트 Pension Scheme (Scotland) as at 31 March 2017.
Documents
Details
The 바카라 사이트 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 Local 바카라 사이트 Pension Scheme (Scotland) was set at 15.2% of pay, following the 2014 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 2013 requires action to be taken to bring costs back to the target cost.
The cost cap cost of the scheme calculated in this cost cap valuation is 0.2% of pay above the employer cost cap. The result lies within the ±2% corridor, which means that no changes to benefits or member contributions are required.
The documents published on this page provide further details. Two valuation reports have been published to reflect that the cost cap valuation was paused following the McCloud judgment. The 바카라 사이트˜pre-McCloud valuation report바카라 사이트™ sets out an intermediate value required to calculate the cost cap cost of the scheme. The 바카라 사이트˜cost cap valuation report바카라 사이트™ sets out the final result of the valuation after the consideration of the remedy of the McCloud discrimination. Both have been prepared in accordance with HM Treasury Directions of 7 October 2021.
The 바카라 사이트˜Assumptions, methodology and data report바카라 사이트™ sets out GAD바카라 사이트™s advice to the on the appropriate approach for calculating the cost cap cost of the scheme in light of remedying the age discrimination found by the McCloud judgment.
The 바카라 사이트˜Advice on assumptions report바카라 사이트™ provides advice on the assumptions to adopt for the 2017 valuation, before allowance for McCloud.
The 바카라 사이트˜Report on membership data바카라 사이트™ summarises the data provided for the valuation and adjustments made to it.