Actuarial valuations of the Scheme usually take place every three years. The last actuarial valuation took place as at 31 March 2022 and the results were published on 28 March 2023.
The results were provided in the valuation report but are briefly summarised below.
- the funding level has decreased from 112% at the previous valuation at 31 March 2019 to 111% at this valuation. This resulted in a surplus of £1,004.4M relative to the liabilities.
- the average employer contribution rate that would be required to achieve full funding in 20 years, based on this triennial valuation is 19.8% of pay. The contributions payable by each employer or group of employers may differ because they allow for each employer’s or group’s membership profile, funding level, recovery period and other parameters appropriate to their circumstances.
The majority of employers will be paying the following minimum contribution rates for the relevant three-year period. In addition, a few employers will have their own rates and additional deficit recovery contribution.
| Year | Employer Contribution Rate |
|---|---|
| 1 April 2023 – 31 March 2024 | 19% |
| 1 April 2024 – 31 March 2025 | 19% |
| 1 April 2025 – 31 March 2026 | 19% |
Historic Actuarial Valuation reports are available upon request by emailing info@nilgosc.org.uk.