How might this affect me?
Valuations aim to assess what level of contributions from employers and employees are required to cover the liabilities the scheme currently has and may have in the future. Additional factors - such as covenant strength and deficit repair contributions - can decrease the risk assessment and, in turn, the contributions required from employers and employees.
Where we currently are
The 2023 valuation has now formally begun. We will know the latest financial position of the scheme by approximately September/October 2023. Following this, it will be determined if contributions and/or benefits need to change to reflect the latest position of the scheme.
The current status looks fairly positive, and there is a possibility of improved benefits for staff, although it is not possible to confirm this until the valuation progresses.