SHAPS Triennial Actuarial Valuation 2015: Reminder of Next Steps

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20.01.16

Feedback from the recent Employer Forums indicated that employers have an appetite for early engagement regarding the Scheme benefits as well as past and future service contributions. 

The SHAPS Pensions Committee (the Committee) wishes to provide you with advanced notice of the amended timetable, which gives your Management Committee the opportunity to feed into the consultation process. Should you need to consult with members about possible benefit or contribution changes, we hope this advanced notice will also enable you to make those arrangements.

The employer consultation exercise will be carried out in March 2016 with the opportunity to respond within a four week period. 

The valuation outcome and benefit consultation questionnaire will be emailed to you directly.

The timetable has been revised to:

25 February 2016: the Committee will debate the formal valuation results provided by the Scheme Actuary. 

Week commencing 29 February 2016: valuation results will be issued to employers together with the employer benefit consultation correspondence.

Week commencing 28 March 2016: consultation closes.

14 April 2016:
the Committee will meet to consider, and agree on, the final valuation results and consider the feedback from the employer benefit consultation.

May 2016: Employer Forums will be held in Glasgow and Edinburgh to explain the final valuation results and the outcome of the benefit consultation process (provisionally 10 - 12 May).

July 2016: the formal results of the valuation and the employer benefit consultation will be communicated to employers in writing; this will include details of any changes to contribution rates and deficit contributions for each employer.

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