The date of the SHAPS next triennial valuation is 30 September 2012; a funding update is carried out on 30 September in the interim years between valuations.
A funding update is like a ‘health check’ to assess how the Scheme’s funding position has changed since the last valuation, 30 September 2009.
The Scheme Actuary will carry out the assessment and the results of this will be presented to the Pensions Committee at its meeting scheduled for March 2012.
The results of this funding update will be communicated to employers and members as part of the Scheme’s Annual Report and Summary Funding Statement which are due to be issued by the end of April 2012.