Next Steps for Employers

Next Steps for Employers

Be ready to engage with the Pension Fund on your valuation results and future contribution rates from late September 2022 onwards. The estimated timeline is shown below. 

We will be in contact with employers to confirm events and dates in due course.

 

31st March

The effective date of the valuation.

April – May 2022

All data collection files and all leaver forms for leaving dates up to 31 March 2022 to be submitted by employers via LPPA's Secure Employer Area

June 2022

Membership and Cashflow information for each employer will be submitted to the Fund Actuary to allow them to undertake the valuation

July – October 2022

The Fund actuary will undertake detailed calculations and may have queries with employers on individual member data – please respond to these promptly

Late September 2022

Presentations to groups of employers to discuss initial valuation results at Whole Fund level, and direction of travel for each group (but note individual employer results will not yet be available).

Late October 2022

Engagement with all employers to present individual valuation results

Early November 2022

Employers will have the opportunity to discuss the results of the valuation with representatives of the Fund and the Actuary.

November to March 2023

Further employer engagement will be undertaken where decisions are required from individual employers. The Funding Strategy Statement will be consulted on with employers and then finalised, and the final valuation report will be prepared

March 2023

The Valuation will be finalised, and the final report published which will include the Rates and Adjustments certificate for each employer

1 April 2023

New employer contributions take effect