the 2016 valuations, due to the uncertainty around member benefits caused by the discrimination ruling relating to the McCloud case.
HMT published valuation directions dated 7 October 2021 that set out the technical detail of how the costs of remedy are included in the 2016 valuation process. Following these directions, the scheme actuary has completed the cost control element of the 2016 valuation for the NHS Pension Scheme, which concludes no changes to benefits or member contributions are required. The 2016 valuation reports can be found on the NHS Pensions website at https://www.nhsbsa.nhs.uk/nhs-pension-scheme-accounts-and-valuation-reports.
The GPhC also operates a defined contribution scheme. The total contributions paid into this scheme for the year ended 31 March 2022 were £463,637 (2020/21: £383,674) in respect of 144 employees (2020/21: 115 employees).
Employees' enrolment is mandatory, although all staff have the option to opt out. Where an employee chooses to be a member, the GPhC will contribute as follows:
| Employee contribution | Employer contribution |
|---|---|
| 5% | 5% |
| 6% | 12% |
| 7% | 14% max |