The statutory actuarial valuation calculates the net present value of the Fund’s commitments to pay future entitlements. The ‘discount rate’ used in the calculation can have a significant impact on the valuation of the liabilities at any one time. The last statutory valuation was as of 30 June 2025. Until 2025 the statutory actuarial valuation of the Fund was prepared annually. In accordance with directions received from the Minister of Finance the statutory valuation has reverted to a triennial cycle, commencing with the next statutory valuation on 30 June 2027. The employer subsidy rates determined in the valuation as at 30 June 2025 will apply to 30 June 2028.