Defined Benefit - Employers

Every three years an actuarial valuation is undertaken for defined benefit (DB) pension schemes such as SHPS. 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 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 Scheme Committee (SC) and Employer Committee (EC) during the valuation to discuss employer covenant, the assumptions and the recovery plan, where applicable.

2017 Valuation

The results of the 30 September 2017 valuation were issued to employers in October 2017. Examples of the generic communications are below: 

  • TPT’s Member Engagement Service Download
  • SHPS DB - Consultation on Defined Benefit Changes (Template) Download
  • SHPS DB - Valuation 2017 (Communication) Download
  • SHPS DB - Valuation 2017 (Headlines) Download
  • SHPS DB - Valuation 2017 (Detailed guide for employers) Download
  • SHPS DB - Valuation 2017 (Explained) Download
  • SHPS DB - Valuation 2017 (Timetable) Download

2014 Valuation

The valuation as at 30 September 2014 is now complete. A copy of the final valuation report is available on request. The documents below were issued to employers during 2015:

  • SHPS DB - Triennial Actuarial Valuation Preliminary Results Download
  • SHPS DB - Actuarial Valuation Benefits Review (Employer guidance notes) Download
  • SHPS - Employer Consultation Template Download
  • SHPS - Employer Form of Authority Download


  • DB Pension Schemes - Key terms Download