The Company’s role is summarised below:
- Designs the benefits to be paid to members – i.e. decides the range of benefits for SOCPF members, taking into account the benefits offered by other pension schemes in the UK.
- Agrees with the Trustee the valuation assumptions, such as life expectancy and when members are expected to retire.
- The Actuary sets the level of contributions to be made to the SOCPF after discussing with the Trustee and the Company.
- Is consulted by the Trustee when reviewing the SOCPF investment strategy.