Source · Select Committees · Public Accounts Committee
Recommendation 18
18
The employer contribution rate is next due to be implemented in 2024, where it may...
Conclusion
The employer contribution rate is next due to be implemented in 2024, where it may change again. Both the SCAPE discount rate—which is a key assumption used to help set the employer contribution rate and drove the 2019–20 increase in employers contributions—and its methodology will be reviewed prior to 2024.40 Impact on employees
Government Response
Acknowledged
HM Government
Acknowledged
Employer contribution rates for public service pension schemes are determined at valuations which are held every four years. Valuations are a complex process which take several years to complete and are carried out by individual departments with scheme advisers from the Government Actuary’s Department (GAD), in accordance with Treasury directions. Valuations as at March 2020 are currently underway.