Pension Plan for Federally Appointed Judges as at 31 March 2022 – Highlights

Report type
Federally Appointed Judges
As at date

Message from the Chief Actuary

We have prepared the report on the actuarial valuation as at 31 March 2022 to determine the government's projected cost for future Plan years. This cost corresponds to the difference between the Plan benefits and the judges' contributions in accordance with the pay-as-you-go financing arrangement in effect.

The previous statutory actuarial report was prepared as at 31 March 2019 and the next periodic review is scheduled for no later than 31 March 2025.

Main findings

Refer to Main findings text description below.
Main findings - Text description
Projected cost component for plan years 2023, 2024, 2025, and 2026
Projected cost component Plan year 2023 Plan year 2024 Plan year 2025 Plan year 2026
Benefits ($ millions) 216.3 237.7 256.1 270.4
Judges' contributions ($ millions) 25.3 26.6 28.3 29.5
Government cost ($ millions) 191.0 211.1 227.8 240.9

Key assumptions

Refer to Key assumptions text description below.
Key assumptions - Text description
Ultimate best-estimate economic assumptions
Assumption Current valuation Previous valuation
Level of inflation 2.0% 2.0%
Real increases in remuneration 0.9% 1.0%
Valuation rate 4.0% 4.5%
>Demographic assumptions
Assumption Current valuation Previous valuation
Cohort life expectancy at age 65
Male 24.4 24.3
Female 25.3 25.2

Summary of membership data

Refer to Summary of membership data text description below.
Summary of membership data - Text description
Number and average age of members, by group
Group Number Average age
Active judges 1,202 61.8
Retirement pensioners 752 79.4
Disability pensioners 38 74.8
Surviving spouses 345 83.3
Surviving children 2 N.A.
Percentage of members, by group
Group Percentage
Active judges 51%
Retirement pensioners 32%
Disability pensioners 2%
Survivors 15%