Cost cap valuation of the firefighters' pension schemes (wales)

Guidance COST CAP VALUATION OF THE FIREFIGHTERS' PENSION SCHEMES (WALES) The Government Actuary's Department has prepared a cost cap valuation of the Firefighters' Pension

Schemes (Wales) as at 31 March 2016. Get emails about this page DOCUMENTS FIREFIGHTERS' PENSION SCHEMES (WALES) 2016 COST CAP VALUATION: COST CAP VALUATION REPORT (PDF, 591KB) PDF, 591

KB, 26 pages FIREFIGHTERS' PENSION SCHEMES (WALES) 2016 COST CAP VALUATION: ASSUMPTIONS, METHODOLOGY AND DATA (PDF, 744KB) PDF, 744 KB, 37 pages DETAILS The Government established a

cost control mechanism for public service pension schemes to ensure a fair balance of risks between scheme members and the taxpayer. The employer cost cap for the Firefighters’ Pension

Scheme (Wales) was set at 17.1% of pay, following the 2012 valuation. If at subsequent valuations the cost of the scheme is outside a corridor above / below the employer cost cap, the Public

Service Pensions Act 2013 (the 2013 Act) requires action to be taken to bring costs back to the target cost. The cost of the scheme calculated in this cost cap valuation is 12.9% of pay

above the employer cost cap. The result lies above the ±2% corridor: a ‘ceiling breach’. The Public Service Pensions and Judicial Offices Act 2022 provides that ceiling breaches from the

2016 cost cap valuation have no effect. The cost cap valuation report relies on three earlier reports from the 2016 valuation: * Firefighters’ Pension Schemes (Wales) 2016 valuation:

Valuation report (PDF, 923KB) * Firefighters’ Pension Schemes (Wales) 2016 valuation: Report on membership data (PDF, 1214KB) * Firefighters’ Pension Schemes (Wales) 2016 valuation: Advice

on assumptions (PDF, 1029KB) UPDATES TO THIS PAGE Published 7 April 2022 SIGN UP FOR EMAILS OR PRINT THIS PAGE Get emails about this page Print this page