The Public Service Pensions (Valuations & Employer Cost Cap) (Amendment) Directions (Northern Ireland) 2026
Date published:
The Public Service Pensions Act (Northern Ireland) 2014 provides the legal framework for regular actuarial valuations of the public service defined benefit pension schemes to measure the cost of the benefits being provided.
On 3 October 2023, The Department of Finance made The Public Service Pensions (Valuations & Employer Cost Cap) Directions (Northern Ireland) 2023 which consolidated the original Directions made in 2014 as well as the subsequent amendments made since in 2015, 2018, 2019 and 2021. The Public Service Pensions (Valuations & Employer Cost Cap) (Amendment) Directions (Northern Ireland) 2026 will make amendments to the 2023 Directions which include the updating of the SCAPE discount rate as announced by HM Treasury on 19 May 2026, economic assumptions for CPI, CARE revaluation and earnings growth and modifications to the application of the Directions for local government workers.
The Department of Finance has a statutory duty to consult with representatives of public service pension scheme members and 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 will also be 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) 2023