The date of the Scheme’s next triennial actuarial valuation is 30 September 2015 and the statutory deadline for completion is 31 December 2016. Any changes to contributions are likely to come into effect in April 2017.
The Pensions Committee has considered the valuation timetable, a summary of the timetable can be found below:
- 28 August 2015: deadline for employers to respond to Financial Assessment exercise; the results of this exercise will feed into the covenant report that will be produced by KPMG.
- October 2015: the Committee will receive the Scheme covenant report and an indication of the approximate valuation results (please note these figures will not be based on the Scheme’s actual membership experience or confirmed asset position at 30 September).
- Mid November 2015: Employer Forums are to be held in both Glasgow and Edinburgh (with a recording also available). The Forums will provide a briefing on the Scheme’s estimated 2015 valuation results and an update on other areas including Scheme investment, benefit design, contracting-out changes and FRS102. Invitations to the Forums will be issued to employers in due course.
- February / March 2016: the Scheme Actuary provides the formal valuation results to the Committee.
- April 2016: overall, scheme level, valuation results are notified to employers.
- June 2016: the Committee approves the final valuation results.
- July 2016: the results of the valuation, together with confirmed details of any changes to contribution rates and deficit contributions for each employer, are communicated to employers.