Cost cap valuation of the Judicial Pension Schemes
皇冠体育app Government Actuary's Department has prepared a cost cap valuation of the Judicial Pension Schemes as at 31 March 2016.
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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 Judicial Pension Schemes was set at 25.6% of pay, including allowance for the fee paid judiciary. 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 (the 2013 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 3.9% 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: