皇冠体育app

皇冠体育app Government Actuary has carried out the actuarial valuation of the Parliamentary Contributory Pension Fund (PCPF) as at 1 April 2014. 皇冠体育app key conclusions from the valuation are:

Past Service assessment

Based on the method and assumptions adopted for this assessment, the value of liabilities accrued up to the valuation date (including an allowance for future expenses) is assessed as 拢528.1 million. 皇冠体育app market value of the assets on the same date is 拢520.5 million. 皇冠体育app deficit at 1 April 2014 is accordingly 拢7.6 million.

Future Service assessment

Based on the method and assumptions adopted, and allowing for the new benefit structures coming into force in May 2015, the cost of benefits accruing in the PCPF for each year of membership (MPs and officeholders combined) is assessed as 23.2% of scheme payroll.

Members鈥� contributions to the Fund, including those paid by officeholders, are expected to average 11.5% of scheme payroll. 皇冠体育app Exchequer鈥檚 share of the cost of accruing benefits is therefore assessed as 11.7% of payroll.

Recommended Exchequer contribution rate

Taking account of the Exchequer share of future service costs (11.7% of pay) and of the additional contributions needed to meet the deficit (1.2% of pay), 皇冠体育app Government Actuary recommends that the rate of Exchequer contribution to be paid from 1 April 2015 until 31 March 2018 should be 12.9% of pensionable salaries in respect of MPs鈥� and officeholders鈥� benefits.