In accordance with the Local Government Pension Scheme regulations, a valuation of the Pension Fund must be carried out every 3 years.
The purpose of a valuation is to assess the Fund’s financial position (i.e. are the Fund’s assets sufficient to meet its projected liabilities); set out the assumptions for future inflation and investment returns and review the employer contribution rates.
The employer contribution rates are set at a level sufficient to secure the ongoing viability of the Fund and may be amended as a result of each valuation. Please note that members’ contribution rates are set in the Scheme’s regulations and are not subject to review at the valuation.
The next valuation will be based on membership as at 31 March 2022 with new employer contribution rates coming into effect on 1 April 2023.