The provisional results of the quadrennial scheme valuation has determined that the employer contribution rate for the HSC Pension Scheme to be 22.5% of pensionable pay from 1 April 2019. As a result, the draft rule will amend the current employer contribution rate of 16.3% to 22.5%.
The current member contribution rates were set for the four year period 1 April 2015 to 31 March 2019, therefore these rates need to renewed (or substituted) to enable the collection of member contributions from 1 April 2019.
The draft rule will remove the time limit on the current member contribution rates so that contributions can continue to be collected at the current rates until such time that new rates are introduced.
The Department welcomes any comments or views on the proposals set out in this document and the draft regulations.