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 Northern Ireland 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.
These amendment Directions update the Directions to reflect changes in demographic projections and assumptions about the economic outlook for the whole of the UK.
The Public Service Pensions (Valuations and Employer Cost Cap) (Amendment) Directions (Northern Ireland) 2018