Lexis®Library update: The MoJ states the employer cost cap for JPS 2022 will be calculated at the valuation with effective date of 31 March 2020, which will use the scheme data as at that date, and the assumptions used will be those that were in force at the 2012 valuation and also used to set the Judicial Pension Scheme 2015 (JPS 2015) employer cost cap.
The report notes that all judicial pension scheme services from 1 April 2022 onwards will be included in the CCM since it will be exclusively in JPS 2022. The MoJ adds that the retrospective McCloud remedy will operate over the period 1 April 2015–31 March 2022, and during this time the reformed scheme only design will also be used, so the CCM will only consider past and future service in the reformed schemes, with legacy scheme costs excluded. For the costs of service in JPS 2015 included in the reformed scheme only design, CCM will be considered together with service costs in JPS 2022, rather than separately.
HM Treasury’s paper on the CCM and reformed scheme only design can be located here.
The consultation response on the CCM in public service pensions can be found here.
The final report from on the Government Actuary’s Department on the CCM can be read here.
Source: MOJ statement on Cost Control Mechanism for Judicial Pension Scheme 2022
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 8 June 2023 and is published with permission. Further information can be found at: www.lexisnexis.co.uk
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