Every three years an actuarial valuation is undertaken for defined benefit (DB) pension schemes such as the Northern Ireland Charities Pension Scheme. This is required by legislation.
The valuation compares the assets of the scheme to the estimated cost of the benefits that have been earned, known as liabilities. If the assets are less than the liabilities then a recovery plan needs to be agreed to provide additional contributions from the participating employers.
The valuation involves assessing the employer covenant, the financial support provided to the scheme by the participating employers, which is an important factor in determining the assumptions used in the calculation of the liabilities
TPT Retirement Solutions works closely with the participating employers during the valuation to discuss employer covenant, the assumptions and the recovery plan, where applicable.
2022 Valuation
The results of the 2022 valuation have been shared with the employers and a summary can be seen here.
If you have any questions about the 2022 valuation process, please get in touch with the Client Relations Team: