Based on the findings of the 2004 actuarial valuation exercise it is estimated that the average cost to local authority employers will be (i) 12.5-13.5 per cent. of pensionable pay in 2005-06; (ii) 14-15 per cent. in 2006-07; (iii) 16-17 per cent. in 2007-08. On average employees will contribute 5.8 per cent. of pensionable payroll as well in each of these years.