On 19 September 2023, HM Treasury issued a written ministerial statement detailing reforms to their cost control mechanism. Reforms have been made to address concerns that the cost control mechanism was not meeting its original objectives, following a review by the Government Actuary and a public consultation. the mechanism now only assesses costs associated with the post-2015 reformed schemes, increases the margin by which costs need to vary from the target in order for benefit, or member contribution, changes to be required from 2% to 3% of pensionable pay, and includes an ‘economic check’ such that changes will only happen if the costs would still be outside the same margin had the impact of changes in long-term economic assumptions been included. HM Treasury’s valuation cycle is currently underway, and the outcome of the valuations are expected to be confirmed later this year via the publication of each scheme’s valuation report. Changes to employer contribution rates will be implemented with effect from 1 April 2024, and any changes to benefits required to bring a scheme back to target cost would apply retrospectively from 1 April 2023. The SAB are currently in the process setting its own cost control mechanism and the assumptions on which this process is based are currently being agreed.