18
Not Addressed
The employer contribution rate is next due to be implemented in 2024, where it may...
Conclusion
The employer contribution rate is next due to be implemented in 2024, where it may change again. Both the SCAPE discount rate—which is a key assumption used to help set the employer contribution rate and drove the 2019–20 increase in employers contributions—and its methodology will be reviewed prior to 2024.40 Impact on employees
Government Response Summary
The government described the general quadrennial valuation process for employer contribution rates, with current valuations underway, but did not specifically confirm or elaborate on the stated review of the SCAPE discount rate and its methodology prior to 2024.
Government Response
Not Addressed
Government Response
Not Addressed
HM Government
Not Addressed
Employer contribution rates for public service pension schemes are determined at valuations which are held every four years. Valuations are a complex process which take several years to complete and are carried out by individual departments with scheme advisers from the Government Actuary’s Department (GAD), in accordance with Treasury directions. Valuations as at March 2020 are currently underway.
Source
Committee
Public Accounts Committee
Inquiry
Public sector pensions
Report
Sixth Report - Public Sector Pensions
11 Jun 2021
HC 289
Addressee Bodies
HM Treasury
Timeline
Recommendation age
5.1 yrs
Report published
11 Jun 2021