Every three years an actuarial valuation is undertaken for defined benefit (DB) pension schemes such as CARE. This is required by legislation.
The valuation compares the Scheme's assets to the estimated cost of the benefits that have been earned, known as liabilities. If the assets are less than the liabilities then a recovery plan needs to be agreed to provide additional contributions from participating employers.
The valuation involves assessing the employer covenant, the financial support provided to the scheme by the participating employers, which is an important factor in determining the assumptions used in the calculation of the liabilities.
2022 Valuation
The results of the 2022 valuation have been shared with the employers and a summary can be seen here.
If you have any questions about the 2022 valuation process, please get in touch with the Client Relations Team:
Email Russ Graham or call 0113 394 2692 or Email clientrelations@tpt.org.uk or call 0113 394 2562.