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Actuarial Statement

In line with the LGPS regulations, the funds' actuarial positions are reviewed every three years. The triennial valuation results shown in the 2013 Annual Report and Accounts were based on membership data and asset values as at 31 March 2010. These valuations set the employer contribution rates for the from 1 April 2011 to 31 March 2014, and were payable during the accounting period ended 31 March 2013. The 2013 valuations, using fund data at 31 March 2013 have set the contribution rates from 1 April 2014, and have taken into consideration funding under the new benefit structure.

LGPS funding level £ billion

Funding level*

2010 79%

2013 79%

Valuation chart image
 £ billionAssetsLiabilitiesDeficit
2010 141.6 178.5 36.9
2013 180.5 227.3 46.8

 

It is important to note that each fund will have used different assumptions, and whilst not directly comparable accross funds, the aggregated total liabilities provides a prudent estimate for the scheme at the triennial valuation dates.
As at 31 March 2013, the total asset value of the Scheme was 181 billion, compared with 142 billion as at 31 March 2010. The liabilities totalled 227 billion in aggregate. The overall funding level has remained at around 80%.

*See valuation 2010 and 2013 pages for fund values used in calculations