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Scheme Administration - Actuarial Valuation

The next actuarial valuation is due as at 31 March 2013.

The Scheme’s previous actuary, Hymans Robertson, carried out an actuarial valuation of the Scheme as at 31 March 2010. The results were provided in the valuation report but are briefly summarised below.

The funding level has fallen from 89% at the previous valuation at 31 March 2007 to 82% at this valuation. This resulted in the deficit increasing to £783m.

The average employer contribution rate that would be required to achieve full funding in 20 years, based on this triennial valuation is 23.8% of pay. This contribution rate is known as the common contribution rate and comprises the anticipated cost of new benefits being earned by members in the future (17.7%) plus the additional contributions required to repay the deficit over a 20 year period (6.1%).

The common contribution rate is a theoretical average figure across the whole fund. An adjustment to the common rate has been determined for each employer in line with the Funding Strategy Statement.

The majority of employers will be paying the following minimum contribution rates for the relevant three year period:


Employer Contribution Rate

1 April 2011 - 31 March 2012


1 April 2012 - 31 March 2013


1 April 2013 - 31 March 2014


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