Pension Scheme Valuation

The HPA has recently contacted the HPS to find out when we may expect to hear about the outcome of negotiations with C2HM Hill on the recovery plan. Members will recall that in the first circular from HPS on 27th September 2011 we were told that the Trustees were considering bringing forward the date of the next valuation of the Scheme (due at 31st December 2011) to ensure they engaged with CH2M Hill as soon as possible with a view to accelerating the recovery period to make good the deficit.

However, the HPS now merely states "we have the usual 15 months to do the work and submit it to the Regulator". The popular report for 2011 will be published as usual mid-2012, and this may contain some commentary on "issues beyond the year in question". 

It appears from this that, despite its previous assurances, the HPS is doing the minimum legally required to satisfy the Regulator. In an effort to allay the concerns this raises, the HPA has asked the HPS to clarify why it has changed its position on this point, so far without response.