Under the Public Service Pensions Act (Northern Ireland) 2014, the Department of Finance (DoF) has responsibility to deliver Directions on actuarial valuations and cost control to NI departments with responsibility for the devolved public service pension schemes. The Directions are designed to provide a consistent and common approach on scheme valuation process, and manage future costs risks for public service employers and the taxpayer.
The department is now consulting on amendments to the Directions. The proposed amendments will update the Directions to reflect changes in demographic projections and assumptions about the economic outlook for the whole of the UK. The content of the DoF Directions broadly reflects the Directions that are made by Her Majesty's Treasury (HMT) for the equivalent public service pension schemes in England, Wales and Scotland, but with some modifications which take account of local differences for some of the schemes here. When finalised, the Directions will allow departments, with responsibility for public service pension schemes, to complete 2016 scheme valuations.
The draft Directions and technical annex are published on this page. The draft amending Directions should be read in conjunction with The Public Service Pensions (Valuations and Employer Cost Cap) Directions (Northern Ireland) 2014.
The DoF invites comments from all persons with an interest in public service pension scheme valuations. Responses should be sent to: DOFpensionspolicy@finance-ni.gov.uk or Public Service Pensions, Waterside House, 75 Duke Street, Londonderry, BT47 6FP no later than 5pm on Friday 19 October. Following the end of the consultation, DoF will issue a response before finalising Directions. Please note that DoF may, unless respondents specifically request that it does not, quote or refer directly to responses received to this consultation.
The Public Service Pensions (Valuations and Employer Cost Cap) (Amendment) Directions (NI) 2018