The first meetings of the two new SHPS committees, the Scheme Committee (with trustee delegated powers) and the Employer Committee, have now taken place. Progress on the SHPS 2017 Valuation continues as the two Committees begin to consult over the valuation assumptions and subsequent Recovery Plan. Once they have reached an agreement, we will share further details of the high level valuation results with you.
As promised in previous communications, we are able to provide you with an updated valuation timetable
, allowing for the new governance structure.
The engagement timetable includes two sets of forums and you should have received your invitation to the first set in March. If not you can access the link here. The aim of the forums is not only to keep you updated and informed but also to listen to your views and answer any questions you may have.
Please note, given the Governance changes, agreement on the valuation is unlikely to have been reached in advance of the March forums. We will be:
- presenting an update on the valuation progress;
- providing an indication of the future service contribution rates;
- explaining how investments have performed during the inter-valuation period;
- and summarising the bulk transfers out of the scheme and reviewing scheme strength.
In addition we will provide you with details of the current membership profile of the scheme, what is happening with DC and, finally, a progress update on potential changes to corporate accounting for SHPS.
We look forward to seeing you at the forums in March.