Cost cap valuation of the Firefighters' Pension Schemes (Northern Ireland)
皇冠体育app Government Actuary's Department has prepared a cost cap valuation of the Firefighters' Pension Schemes (Northern Ireland) as at 31 March 2016.
Documents
Details
皇冠体育app Government established a cost control mechanism for public service pension schemes to ensure a fair balance of risks between scheme members and the taxpayer. 皇冠体育app employer cost cap for the Firefighters鈥� Pension Scheme (Northern Ireland) was set at 18.3% of pay, following the 2012 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 (Northern Ireland) 2014 (the 2014 Act) requires action to be taken to bring costs back to the target cost.
皇冠体育app cost of the scheme calculated in this cost cap valuation is 13.0% of pay above the employer cost cap. 皇冠体育app result lies above the 卤2% corridor: a 鈥榗eiling breach鈥�. 皇冠体育app Public Service Pensions and Judicial Offices Act 2022 provides that ceiling breaches from the 2016 cost cap valuation have no effect.
皇冠体育app cost cap valuation report relies on three earlier reports from the 2016 valuation: