The DBP Contributors Scheme is a defined benefit scheme. The benefits payable by your scheme are guaranteed by the Crown.
Each year the Board's Actuary carries out a review of the scheme to determine an employer contribution rate sufficient to meet the accrued and future liabilities of the scheme. In the actuarial review, completed as at 31 March 2022, the Actuary recommended an employer contribution rate of four times contributors' contributions from 1 April 2023. Following the actuarial review completed as at 31 March 2023, effective from 1 July 2024, the employer contribution rate of four times contributors’ contributions has been maintained.
The employer contribution rate applicable to 31 March 2025 is four times contributors' contributions. The rate will be reviewed again at 31 March 2025 and any change would be implemented from 1 April 2025.
The investment return (after tax and operating expenses) earned by the scheme for the year ended 31 March 2024 was 3.89% (2023: -3.07%).
How your money is invested
The scheme’s strategic asset allocation strategy is set by the Board and reviewed regularly. The asset allocation strategy for the scheme was reviewed during the year and the scheme's assets were all re-allocated to cash. The pie chart below shows the scheme's asset allocation strategy as at 31 March 2023 and 31 March 2024.
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