Government’s pension fund for civil servants remains under review, but its cost of living adjustment, suspended last year, will stay off the table “until further notice”.

Presenting the actuarial report into the Public Service Superannuation Fund (PSSF) to Parliament, Minister of Finance Bob Richards said the working group looking into pensions and benefits had presented several options.

That working group is “a child of the SAGE Commission”, Mr Richards said, referring to the Spending and Government Efficiency task force.

An actuarial valuation of the pension fund found assets of $575.7 million as of the end of this month, up from $502.2 million in 2012.

The fund’s assets to liabilities or funding ratio was 41.4 per cent, up from 2012’s 33.4 per cent.

Up for consideration is changing the PSSF’s definition of final average earnings from the salary payable immediately preceding retirement to an average of earnings over the final five years.

The working group also suggested increasing the age at which an unreduced pension was payable from 60 to 65; applying actuarial reductions on early retirement prior to 65; applying a 10 per cent reduction to the amount payable to a retiree with a spouse who chose the joint and survivor option; increasing contributions, and decreasing the pension accrual rate for active members from 1.5 per year to a lower rate.

The pension remains underfunded, but Mr Richards warned that “just because it is underfunded does not mean it is in danger of collapsing”.

“I wish to assure current and future pensioners that the Government is sensitive to the challenges facing pension plans of this nature, and will take appropriate steps to preserve the long-term viability of the fund.”