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Timetable for cost sharing introduction

The following is a provisional cost sharing timetable (updated April 2024):

  • September 2020 – determine assumptions to be used for the 2016 baseline valuation after discussions between the PSPA, staff representatives and Treasury

  • By April 2021 – undertake the 2016 baseline valuation from which future changes will be measured

  • July 2021 – communicate results of the baseline valuation to trade unions and Treasury

  • March 2022 – determine the assumptions to be used for the 2022 first cost sharing valuations after discussions between the PSPA, staff representatives and Treasury

  • July-August 2022 – PSPA compile information required for valuations and agree timescales with its actuaries

  • July 2023 – PSPA provides membership data up to 31/3/22 to its actuaries for the purposes of the actuarial and cost sharing valuations

  • July – September  2023 – actuaries review data and PSPA resolves any data queries

  • September - October 2023 – actuaries produce the normal three-yearly actuarial valuations of schemes for discussion with the PSPA

  • October 2023 – PSPA approves actuarial valuations of schemes

  • January 2024 – PSPA’s actuaries undertake first cost sharing valuations of schemes

  • February 2024 – June 2024 PSPA considers Cost Sharing report and results

  • July – August 2024 - PSPA establishes Committee of officers of the PSPA and staff representatives to consider and report to the PSPA how any cost changes resulting from the cost sharing valuations should be apportioned to active members of schemes

  • August – September 2024 - report provided to the PSPA who then determines how cost changes should be apportioned to active members of schemes;

  • October – November 2024 - PSPA consults on Amending Schemes to implement cost sharing changes

  • December  2024 - cost sharing Amending Schemes go before Tynwald for approval

  • January – March 2025 - cost changes, if approved by Tynwald, are applied to active scheme members’ benefits or contributions

As you can see, any changes resulting from the first cost sharing valuations are unlikely to be implemented until 2025.

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