The Public Service Pensions (Valuations and Employer Cost Cap) (Amendment) Directions (Northern Ireland) 2021
Date published:
The Public Service Pensions Act (Northern Ireland) 2014 provides the legal framework for actuarial valuations of the public service defined benefit pension schemes.
The Act provides for the establishment of a cost control mechanism to assess the costs of schemes and ensure they remain sustainable for the taxpayer.
In March 2019 the Department of Finance published amending Directions to pause the cost cap element of the valuations due to uncertainty regarding the cost of schemes following the McCloud and Sargeant litigation. As there is now sufficient certainty, these Amending Directions allow schemes to conclude their valuations by setting out how schemes must carry out the cost control element of those valuations.
The Department of Finance has a statutory duty to consult with representatives of public service pension scheme members and also with the Government Actuary before making these Amending Directions.
The Department’s response to its consultation with member representatives and its consultation with the Government Actuary are also published on this page. The amending Directions should be read in conjunction with The Public Service Pensions (Valuations and Employer Cost Cap) Directions (Northern Ireland) 2014