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The valuations indicate that the amount employers pay towards the schemes will need to increase, and details will be finalised when the valuations are completed early next year. Treasury has committed to support the Welsh Government with additional funding in accordance with the statement of funding policy.
The 2016 actuarial valuations will have an unprecedented impact on the constrained resources of local authorities, teaching institutions, the fire service and police forces in Wales if UK Government funding is not forthcoming. Will the Minister confirm that this funding will be forthcoming from the Treasury to the Welsh Government?
The hon. Gentleman raises this concern on behalf of his constituents, and it is correct that some increases in costs were predicted in the 2016 Budget. We will of course apply the principles set out in the statement of funding policy in determining any additional funding for the devolved Administration, and continue to do what is right for Wales.
Order. This is about non-funded pension schemes, not funding pay rises. It was a nice try, and the hon. Gentleman is a cheeky chappie, but we will leave that one there and come to the other Smith, Nick Smith.
The hon. Gentleman will know that we have tackled the fiscal challenge that Wales has suffered with for decades. In fact, Wales now benefits from £120 for every £100 spent in England. As I said earlier, we will do what is right for Wales, as we have done in the case of teachers raised by my hon. Friend Eddie Hughes.