Legislation requires an actuarial valuation to be carried out every three years on defined benefit schemes like SHAPS.

The Pensions Committee works closely with the Scheme Actuary and other advisers during this time to assess the financial covenant offered to the Scheme, review the Scheme's investment strategy and agree the actuarial assumptions adopted to value the Scheme's liabilities and future service contribution rates.

Preparation for the 2018 valuation will start soon, which will value the Scheme as of 30 September 2018. A copy of the 2015 valuation report is available upon request. The documents below were issued to the employers during 2016:

2015 Valuation Summary
2015 Valuation Headlines
Employer Consultation Template
Employer Form of Authority
Employer Annual Review

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