VALUATION REPORTS
The Contribution rates paid by employers in the Scheme vary every three years following an actuarial valuation of the Fund by an independent Actuary. The Actuary plays a major role in ensuring the solvency of the Fund and sets the employer contribution rate at a level required to support the costs of benefits payable out of the Fund both currently and in the future.
The Fund receives details from the Actuary of the recommended future employer contribution rates required, having regard to the revised Funding Strategy Statement previously consulted on and the results of the actuarial valuation.
Valuations take nearly a year to complete and any rate changes come into effect from 1 April of the following year. The last such valuation was at 31 March 2007.
