How we run The Fund

Valuations

Every three years the Fund's actuary is required to perform a valuation to review each employer's funding position and determine the required level of employer contribution rates. This is a key document, helping to ensure the fund has sufficient assets to meet its liabilities.

What's included

the value of pension liabilities the fund is responsible for.
the value of assets the pension fund has under its control to meet those liabilities.
the corresponding funding level (the value of assets held by a fund expressed as a proportion of its liabilities)
the appropriate levels of contributions for employers to pay going forward.

How will this effect employers?

Normally, this will result in an adjustment up or down in each employer's contribution rates with the aim of setting a rate which gives a 75% chance of reaching 100% funding over the assessed funding time horizon. However, the approach will vary between different categories of employers, and the Fund will take into account individual employer circumstances (such as any pooling or risk sharing arrangements in place).

The effective date of new employer contribution rates resulting from a triennial valuation is the 1 April following the year of the valuation. Employer contribution rates are formally stated in a 'rates and adjustment certificate', which can be found at the bottom of this page.