Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many responses his Department received to its consultation on the methodology the Government uses to set the SCAPE discount rate.

The SCAPE discount rate is used in the valuation of unfunded public service pension schemes to set employer contribution rates and is set by HM Treasury following a prescribed methodology. A consultation was published in June 2021 seeking views on the objectives for the SCAPE discount rate and the most appropriate methodology going forward.

Following the consultation’s publication, the Government ran engagement sessions to ensure stakeholders were given the opportunity to express their views. Meetings were also held with members of Scheme Advisory Boards from across the UK relating to each public service workforce, and views were sought from the Government Actuary. Most stakeholders have followed up with formal written responses.

The Government has received 51 responses from a broad range of respondents. These include individuals, trade unions and other member representative bodies, Scheme Advisory Boards, employers and employer representative bodies, actuarial and pensions specialists, and pensions administrators.