Like all UK public sector pension funds, the Local Government Pension Scheme (LGPS) is required to carry out an actuarial valuation every three years. This valuation is a key part of the Fund’s financial management and acts as its main budgeting exercise.
The valuation assesses the current value of the Fund’s pension liabilities — the benefits that must be paid to members now and in the future. By understanding the scale of these long‑term commitments, the Fund can plan how best to meet them while managing investment and funding risks responsibly.
As part of this process, the Fund’s actuary also determines the employer contribution rates that will apply for the following three‑year period. These rates ensure that sufficient money is paid into the Fund to keep it on a stable and sustainable financial path.
The valuation therefore plays a vital role in safeguarding the pension promises made to members, supporting employers in planning their budgets, and ensuring the long‑term health of the Fund.
Copies of previous valuation reports can be found in the attachments section below.
Attachments
Valuation 2025
Valuation 2022
Valuation 2019
Valuation 2016
Valuation 2013
Valuation 2010