Actuarial valuations of the Scheme usually take place every three years. The last actuarial valuation took place as at 31 March 2019 and the results were published on 31 March 2020.
The results were provided in the valuation report but are briefly summarised below.
- the funding level has increased from 96% at the previous valuation at 31 March 2016 to 112% at this valuation. This resulted in a surplus of £836.9M 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 19.6% 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 2020 – 31 March 2021||19.5%|
|1 April 2021 – 31 March 2022||19.5%|
|1 April 2022 – 31 March 2023||19.5%|