Is SAUL changing? December Update
21 December 2010
The Trustee of SAUL announced in August that it had asked the SAUL Negotiating Committee to consider options for the Scheme in the event that the 2011 Actuarial Valuation shows a shortfall in funding. Discussions are continuing between the employers and trade unions and, while nothing has been decided, these conversations are constructive. At this stage the Trustee is unable to say when the Negotiating Committee will be in a position to make recommendations, however, it will not be until the initial results of the 2011 Actuarial Valuation are known in summer 2011.
At this stage discussions are centred around amending the benefit structure of SAUL for new entrants and it is anticipated that the way in which benefits are built up by existing members will be unchanged.
If you want to find out more about the Actuarial Valuation and how SAUL is funded please visit the Scheme Funding section of our website.