Funding Pace Complete (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 contribution rate to be paid.
Pace DB held its last actuarial valuation in 2013. Information on Pace funding is sent to members each year in the Members’ Annual Report.
The Trustees are currently discussing the results of the 2016 valuation with the Co-op and hope to be in a good position to finalise these discussions and release the results to members over the next few months.
What the Trustees can say at this stage is that the funding position of Pace DB measured against its Technical Provisions remains strong.