This update from KPMG summarises the main results from the valuation, and provides a useful tool for organisations to consider their next steps.
17 October 2018
The results of the Social Housing Pension Scheme (SHPS) valuation were sent to employers on 16 October.
The headline results for the scheme overall are:
- deficit contributions will go up 10% from April 2019
- future service rates will go up broadly 30% from July 2019.
The impact on deficit contributions will grow over time as the previous tiered structure has fallen away.
Under the old structure deficit contributions stepped down over time as the tiers fell away. However, under the new structure, there will be no step-down over time.
Deficit allocations are now also based on the share of an organisation’s liabilities and this will lead to winners and losers depending on your historic participation in the scheme.