Cost cap valuation of the Northern Ireland Teachers鈥� Pension Scheme
皇冠体育app Government Actuary's Department has prepared a cost cap valuation of the Northern Ireland Teachers鈥� Pension Scheme 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 Northern Ireland Teachers鈥� Pension Scheme was set at 13.2% 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 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 0.1% of pay above the employer cost cap. 皇冠体育app result lies within the 卤2% corridor, which means that no changes to benefits or member contributions are required.
皇冠体育app cost cap valuation report relies on three earlier reports from the 2016 valuation: