Will employer contribution rates be affected by the pandemic?

Following the 2019 triennial valuation of the Scheme, the actuary set the employer contribution rates for the three years from 1 April 2020. Due to uncertainty regarding the impact of the COVID-19 pandemic on the funding of the Scheme at that time the actuary and the Committee reserved the right to review and increase the employer contributions for the years 2021/22 and 2022/23. Circular 08/2020 issued on 7 October 2020 advised employers that the contribution rates set by the actuary and stated in the Rates and Adjustments Certificate will apply for 2021/22 and 2022/23.  There will be no change from the rates certified.