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Department of Finance (DoF) Consultation on the ‘Cost-Cap' Assumptions

27 September 2018

Under the Public Service Pensions Act (Northern Ireland) 2014, the Department of Finance (DoF) has responsibility to deliver Directions on actuarial valuations and cost control to NI Departments with responsibility for the devolved public service pension schemes. The Directions are designed to provide a consistent and common approach on scheme valuation process, and manage future costs risks for public service employers and the taxpayer.

On 10 September the Department of Finance (DoF) issued a consultation on the ‘cost-cap’ assumptions. It can be accessed on the following link:- https://www.finance-ni.gov.uk/publications/public-service-pensions-valuations-and-employer-cost-cap-amendment-directions-northern-ireland-2018.

The Department is inviting comments from all persons with an interest in public service scheme valuations.

Responses should be sent to: DOFpensionspolicy@finance-ni.gov.uk or Public Service Pensions, Waterside House, 75 Duke Street, Londonderry, BT47 6FP no later than 5pm on Friday 19 October.

Following the end of the consultation, DoF will issue a response before finalising Directions.

NILGOSC's response to the consultation can be viewed here