Posted by Al R:
It's fair to say, more upheaval.
"It is government’s policy is to review the discount rate used to set employer contributions to the unfunded public service pension schemes every 5 years. The discount rate is based on the OBR’s long term projections of GDP growth. Budget 2016 sets out that the recent assessment has resulted in a reduction in the discount rate which will increase the contributions employers pay to the schemes from 2019-20 onward. This will ensure that the costs of providing pension benefits in the future are fairly reflected in the contributions paid by employers, and that the pension promises made today are on a sustainable basis to ensure fairness to future tax payers." "
Just a quick word of reassurance from FPS. The MOD have been doing regular reviews of SCAPE for years. SCAPE - or the Superannuation Charge Adjusted for Previous Experience - is the MOD's contribution to the pension scheme and every proposal which is put forward by way of changes to AFPS or AFCS is always considered in the light of what it would do to SCAPE.