Latest on SAUL’s 2017 financial health-check
22 November 2017
SAUL Trustee has agreed the preliminary results of the 2017 financial health-check
SAUL Employers and Trade Unions are now considering the results and next steps
Final results of the 2017 health-check expected to show SAUL’s deficit has been eliminated
The SAUL Trustee must make sure there is enough money in SAUL to pay all the pensions and lump sums promised to members.
Every three years, the Trustee must, by law, carry out a financial health-check. This is known as an actuarial valuation and the purpose is to:
- check there’s enough money in SAUL to pay the benefits built up by members so far, and
- assess whether contributions from employers and members will pay for the benefits members build up in the future.
The SAUL Trustee has now considered and agreed the preliminary results of the 2017 valuation. It has asked the SAUL Negotiating Committee (SNC) – made up of equal representation of Trade Unions and Employers - to agree the valuation, taking into account the interests of SAUL members and employers.
The SNC is considering the preliminary results now and hopes to agree the 2017 valuation by early 2018. The final results and next steps will then be shared with SAUL members.
The SAUL Trustee is cautiously optimistic about the results, which are expected to show:
- the deficit revealed at the 2014 valuation has been eliminated, and
- although contributions from employers and members are less than the cost of benefits being built up in the future, this is manageable in the short-term.
The SAUL Trustee’s goal is to deliver a sustainable and affordable Scheme, which is valued by members and employers alike.
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