Pension Deficit Calculator
The superannuation charge by payroll reflected on your oracle report only represents the pension charge for the current service in year at 17.9% and does not incorporate the charge in respect of your liability for the Pension Deficit Lump Sum against your Local Government Pension Scheme (LGPS) budget provision.
The charge for the pension deficit lump sum has not yet been made, but it will be reflected at the end of year adjustments. Your budget provision should cover both the current service rate and the lump sum for the pension deficit.
Therefore, when you submit your termly outturn reports, (or monthly outturn reports for deficit schools), please ensure you reflect your pension deficit lump sum to date as a separate amount. The forecast Superannuation costs will cover both the superannuation deficit lump sum to-date and the superannuation charges for remaining months.
To help you calculate the pension deficit lump sum Schools Finance Support have developed a calculator. This will provide an approximate pension deficit charge of approx 4.3% to date which needs adding separately to forecast column of your outturn report and a comment entered to identify this amount, i.e. 'Pension deficit lump sum to P3 included in the total forecast SupN costs'.
