Draft Actuarial Results Published
Draft results of the 2008 actuarial valuation of the Fund were published today. The results are very good. The funding level of 95% is higher than almost any other Local Government Pension Scheme fund in the UK. The deficit will be recovered over time through a combination of investment returns and employer contributions. The employer contribution rate will increase, and employers were advised of the likely increases last autumn. Given the size of the Fund, the 5% deficit equates to £486m. But that should be seen in the context of assets of over £9billion at the valuation date. Asset values have fallen since then, but that is expected in the Fund’s long-term investment strategy.