The UK Government's Public Service Pensions Act requires that a valuation of the Police Pension Scheme must be undertaken every four years to measure the costs of benefits being provided. Details of how and when each valuation should be undertaken are set out in HM Treasury Directions and regulations ( in particular the Public Service Pension (Valuations and Employer Cost Cap) Directions 2014) (as amended)).
The first valuation of the Police Pensions Scheme under these new arrangements was carried out by the Government Actuary's Department on behalf of the Scottish Government based on scheme data as at 31st March 2012.
Completed on 3rd March 2015, results were used to set employer contribution rates from 1st April 2015 to 31st March 2019 inclusive and to establish an employer cost cap against which future scheme costs will be compared in future quadrennial valuations.
The report of the 2012 valuation, together with the supporting documentation, is published below:
Future valuations will be used to inform future contribution rates to be paid into the Police Pension Scheme by scheme employers and to compare scheme costs against the employer cost cap mechanism.
The next valuation will be based on scheme data as at 31st March 2016 and will begin in 2016-17. Any changes arising from that valuation will apply from 1st April 2019.