Actuarial valuation
The Local Government Pension Scheme (Administration) Regulations 2008 require us, as an administering authority for the Local Government Pension Scheme, to obtain an actuarial valuation of the assets and liabilities of its Pension Fund as at 31 March 2010 and in every third year afterwards.The main aims of the valuation are to:
review the financial position of the Pension Fund and
to determine the future contributions to the Fund from each participating employer.
Mercer Limited undertook the valuation as at 31 March 2010 and a copy of the Actuarial Valuation Report as at 31 March 2010 is attached. In calculating the employers'
contributions the actuary had regard to the assumptions and methodology set out in the Fund's Funding Strategy Statement. The funding position of the whole Fund as at 31 March 2010, and as at the previous two valuation dates, was as follows:
| 2010 | 2007 | 2004 | |
|---|---|---|---|
| Market value of assets (£m) | 2408.5 | 2087.9 | 1308.9 |
| Past service liabilities for active members, deferred pensioners and pensioners (£m) | 2968.7 | 2602.4 | 1857.2 |
| Deficit | 560.2 | 514.5 | 548.3 |
| Funding Level | 81.1% | 80.2% | 70.5% |
Related documents
The following documents are in Portable Document Format (PDF). You can download the PDF software for free from the Adobe website (opens in a new window)