Our members’ contribution rates are based on their actual pensionable pay, and are set on a national basis by the Local Government Pension Scheme (LGPS).
Contributions and investments
Contributions flow both in and out of the fund, and money is invested to provide growth and lessen the amount that employers need to pay.
After considering investment growth and other factors such as the profile of the membership, employers need to know how much they need to pay for their contributions.
The actuary assesses the overall valuation of the fund to:
- ensure that there are sufficient funds available
- define how much each employer will need to pay
- define each employer's valuation position in the fund.
What the actuary provides
The actuary provides the following information to ensure sufficient funds are available:
- a mandatory, full actuarial valuation every 3 years, ongoing monitoring of the health of the pension fund
- recommending appropriate contribution rates, and where applicable, bond levels, for each employer
- monitoring of the results of fund future assumptions on matters including investment and mortality
- recommending funding strategies
When you will be informed of any changes
Our employers will be invited to a meeting at least once in each recurring 3 year period. At this meeting the actuary will explain their review of the fund’s positions and future strategy recommendations.
If you have any questions about the actuary’s role, please contact us at email@example.com