Departmental response to the consultation on ‘The Public Service Pensions (Valuations and Employer Cost Cap) (Amendment) Directions (Northern Ireland) 2018’.
In line with the requirements of sections 11 and 12 of the Public Service Pensions Act (Northern Ireland) 2014, the Department of Finance has formally consulted with representatives of public service pension scheme members on draft Public Service Pensions (Valuations and Employer Cost Cap) (Amendment) Directions (Northern Ireland) 2018. The consultation launched on 10 September 2018 and closed on 19 October 2018.
This document presents the Department of Finance’s response to the consultation and conclusions. It concludes that the amendments to the Directions are mainly technical and necessary to ensure schemes continue to be accurately valued in line with the revised demographic and economic assumptions for the whole of the UK.