Every three years an actuarial valuation is undertaken for defined benefit (DB) pension schemes such as the Northern Ireland Charities Pension Scheme. This is required by legislation.
The valuation compares the assets of the scheme 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 the 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. TPT Retirement Solutions works closely with the participating employers during the valuation to discuss employer covenant, the assumptions and the recovery plan, where applicable.
The next triennial valuation of the Scheme will take place at 30 September 2022. We’ll be issuing further information to employers as we approach this date.
If you have any questions about the valuation process, please get in touch with the Employer Relationship Team:
Email Russ Graham or call 0113 394 2692 or
Email email@example.com or call 0113 394 2562