Page 81 - Housing Solutions Annual Report

27. Pensions

Royal County of Berkshire Pension Scheme (Group and Association)
The RCBPS is a multi-employer scheme, administered by The Royal Borough of Windsor and Maidenhead
under the regulations governing the Local Government Pension Scheme, is a defined benefit scheme.
The most recent formal actuarial valuation was completed as at 31 March 2016 by a qualified
independent actuary.

The employer’s contributions to the RCBPS by the Association for the year ended 31 March 2020 were
£782,000 (2019: £631,000) at a contribution rate of 18.2% of pensionable salaries. Housing Solutions ceased
to have active members in the RCBPS as at the year ended 31 March 2020. There is an agreement in place
to make contributions to the pension deficit. The pension deficit contribution for the accounting period
commencing 1 April 2020 is £528,000.

Principal actuarial assumptions
Financial assumptions

31 March 31 March 31 March
2020 2019 2018
% per % per % per
Annum Annum Annum

Discount rate 2.35% 2.40% 2.55%
Future salary increases 2.85% 3.40% 3.30%
Future pension increases 1.85% 2.40% 2.30%

Inflation assumption 2.85% 3.40% 3.30%

Mortality assumptions
The post-retirement mortality assumptions adopted to value the benefit obligation are based on the S2PA
tables with a multiplier of 95%. These base tables are then projected using the CMI 2018 Model, allowing for a
long-term rate of improvement of 1.5% p.a.
The assumed life expectations on retirement at age 65 are:

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