The new defined benefit (DB) future service contribution rates and deficit contributions arising from the 30 September 2015 valuation calculations take effect from 1 April 2017.
We urge all employers who continue to offer a DB option for future service to return their Employer Form of Authority
by 31 January 2017. This form confirms the employer and member split of the total future service rate.
Where an employer does not confirm this split, the default position will apply. The default position being that the total increase will be met by the employer until such time as TPT receives a completed Form of Authority. Please note that a minimum three month notice period applies to any proposed changes outside the above timetable – a form received in February 2017 will take effect from 1 June 2017.
We will contact all employers prior to 1 April with a reminder of the revised deficit contributions payable. Please ensure that your Finance Team is aware of the forthcoming changes. You can download the form here.
Please then return it to Susan Wardlaw
, either by email or by post to the address below
Scottish Housing Associations' Pension Scheme TPT Retirement Solutions, 9-10 St Andrew Square, Edinburgh, EH2 2AF