The Department of Health and the Government Actuary's Department have published an actuarial valuation of the NHS Pension Scheme which has an effective date of 31 March 2012. As was expected, the valuation has confirmed that an increase in employer contributions is needed in order to meet the Scheme's costs. Therefore with effect from 1 April 2015 the employer contribution rate shall increase from the current rate 14% of pensionable pay to 14.3% of pensionable pay. The rate of 14.3% will be payable until 31 March 2019 following which it may change again after the next valuation of the Scheme has been concluded. The valuation also revealed total Scheme liabilities of £240.4bn and notional assets of £230.1bn resulting in a deficit of £10.3bn.
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