Funding Pace DB
The Trustees are responsible for making sure Pace DB has enough money to pay members their benefits when they become due.
To check this, pension schemes like Pace DB have an actuarial valuation every three years and regularly monitor funding in between valuations. A valuation is a financial health check of a pension scheme, which compares the value of the scheme’s assets against the cost of providing benefits to members in the future and recommends the contributions to be paid.
Pace DB held its last actuarial valuation in 2016. Information on Pace funding is sent to members each year in the Members’ Report.
The next valuation of Pace will be carried out as at 5 April 2019 and will look at the two sections of Pace separately. It is expected that the results of this valuation will be communicated to members in the Members’ Report in 2020.