Policy Screening - The Public Service Pensions (Employer Cost Cap and Specified Restricted Scheme) Regulations 2022
Date published:
This policy screening document relates to the proposed Public Service Pensions (Employer Cost Cap and Specified Restricted Scheme) Regulations (Northern Ireland) 2022.
The Department of Finance has responsibility under Section 12 of the Public Service Pensions Act (Northern Ireland) 2014 (the Act) to make regulations to specify a cost cap margin which is applied for the purposes of cost control in the reformed public service schemes within scope of that Act.The proposed regulations make a minor 1% adjustment to the threshold for the cost cap margin in line with updated advice and analysis from the Government Actuary for best practice in scheme valuations and cost control for schemes generally. A technical change is also proposed to the valuation process for the NI Judicial Pension Scheme and which is consequential to wider reforms to Judicial arrangements from 1 April 2022.