How do you cut contributions to the States Superannuation Fund?

Apparently the answer to the question is simple; ignore what is happening around you.

On the 13 June 2022 the States released some good news – Employer contributions can be cut from £35 million each year to £26 million, and the Fund is in surplus to some £115m! This follows on from the release of an Actuarial Report on the Fund by the States as at 31 December 2020. Yet the States Accounts show a deficit of £1.3 billion. How does this happen?

GPEG has performed a review of the actuarial valuation, the results of which can be read in our report.