Latest on SAUL’s 2017 financial health-check
29 March 2018
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 Negotiating Committee (SNC) – made up of equal representation of Trade Unions and Employers – has agreed the 2017 actuarial valuation, taking into account the interests of SAUL members and employers.
The SNC and Trustee have also prepared a plan to regularly monitor SAUL’s funding in the future through to 2020. Once the Trustee has approved the valuation, final results will be shared with members. These are very likely 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. No changes to SAUL benefits or contributions are expected as part of the 2017 actuarial valuation.
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