It is a statutory requirement for a valuation to be carried out every 3 years. Its purpose is to monitor the assets against the current value of the liability of the pension benefits earned to date, and to review the Employer contribution rates.
Each administering authority must obtain:
- a report by an Actuary in respect of the valuation, which must contain a statement of the demographic assumptions used in making the valuation. This statement must show how the assumptions relate to the events which have actually occurred in relation to members of the Scheme since the last valuation.
- a rates and adjustments certificate prepared by an Actuary. This must specify the common rate of Employer’s contribution which in the Actuary’s opinion, should be paid to the fund by all bodies whose employees contribute to it so as to secure its solvency.
Each of these documents must be obtained before the first anniversary of the valuation date.