Consultation on Rectification of Cost Cap Floor Breach and Adjustments to Employee Pension Contributions Effective from 1 April 2019The consultation sets out the Department of Finance proposals to rectify the cost cap floor breach and employee pension contributions with effect from 1 April 2019 and seeks the view of all Civil Service Trade Unions on the proposals set out in the consultation paper. The consultation contains proposals to rectify the cost cap floor breach of 4.9 per cent identified in the provisional valuation results for the Northern Ireland Civil Service Pension Schemes as at 31 March 2016; to address the impact of retrospective pay awards and other arrears payments on employee pension contributions; and to address anomalies requiring adjustments in employee pension contribution thresholds.
The S75 Policy Screening - Cost Cap Floor Breach Rectification November 18 document and the S75 Policy Screening - Adjustments to Employee Pension Contributions November 18 document can be accessed via the link below:
The consultation launched on Monday 26 November and the closing date is 5pm on Friday 18 January 2019. The Department will then publish its response to the consultation.