Consultation on draft Public Service Pensions (Valuations and Employer Cost Cap) Directions and Public Service Pensions (Employer Cost Cap) Regulations (Northern Ireland) 2014

In line with the requirements of Section 11(5) and Section 12(10) of the Public Service Pensions Act (Northern Ireland) 2014 the Department of Finance and Personnel (the Department) is consulting with representatives of public service employees on draft Public Service Pensions (Valuations and Employer Cost Cap) Directions (‘the Directions’), and on a draft of the Public Service Pensions (Employer Cost Cap) Regulations (‘the Regulations’).

Actuarial valuations are carried out to establish the costs of the public service pension schemes. These valuations are then used to determine the contribution rates to be paid by employers participating in the schemes. As the majority of the public service pension schemes are unfunded, the payment of employer contributions ensures that the full costs of employing and remunerating staff are accounted for by public service employers.