Cost cap valuation of the Teachers鈥� Pension Scheme (England and Wales)
皇冠体育app Government Actuary's Department has prepared a cost cap valuation of the Teachers鈥� Pension Scheme (England and Wales) 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 Teachers鈥� Pension Scheme (England and Wales) was set at 10.9% 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 2013 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 1.3% 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: