Essential Guide to Public Service Pensions Valuation

Public service pensions valuation is crucial as the Government Actuary has concluded a consultation on the Directions for the 2024 valuations of public service pension schemes. Fiona Dunsire, the Government Actuary, has finalized this consultation in partnership with HM Treasury regarding the Public Service Pensions (Valuation and Employer Cost Cap) Directions 2023, which have been modified by the Amending Directions. These guidelines describe how the forthcoming public service pensions valuation should be executed and guarantee that the evaluations can utilize updated assumptions. The outcomes from the 2024 valuations will guide the upcoming contribution rates that employers are obligated to pay into the schemes beginning April 1, 2027. Additionally, the reformed Cost Control Mechanism, introduced during the 2020 valuations, is also evaluated throughout this valuation process. ### Consultation on Directions HM Treasury has a statutory obligation to consult the Government Actuary regarding the Directions. This consultation was successfully completed in May 2026. In her feedback to HM Treasury, Fiona Dunsire remarked that the amended 2023 Directions would yield results for the 2024 valuations that largely meet the outlined objectives, with varying degrees of success. She also affirmed that, in her view, the amended 2023 Directions are technically complete and coherent when considered as a whole. ### Next Steps With the publication of the Directions now complete, GAD will commence the finalization of the valuation results and reports. We anticipate launching the initial sets of reports in June 2026. For further insights on pension valuation directions, you may refer to [the Pensions Regulator](https://www.thepensionsregulator.gov.uk) and [the UK Government's guidance on pensions](https://www.gov.uk/government/collections/pensions). For more resources on public service pension guidance, please visit [Globe Migrant](www.globemigrant.com/public-service-pensions) and [Globe Migrant](www.globemigrant.com/pension-valuation). Source: https://www.gov.uk/government/news/valuation-directions-for-public-service-pensions

Essential Guide to Public Service Pensions Valuation

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