Mark Conrad 17 May 2017

Council pension deficit falls by £9.2bn since 2013

Council pension deficit falls by £9.2bn since 2013 image

The funding deficit of the Local Government Pension Scheme (LGPS) has fallen to £37bn from £46.8bn in three years, according to its latest valuation.

The report shows that LGPS assets were worth £216.4bn on 31 March 2016 while the scheme’s liabilities were valued at £253.6bn.

That compares with assets of £180.5bn and liabilities of £227.3bn – or a funding ratio of 79.4% - in 2014.

The LGPS funding ratio dropped significantly in the 1990s after local authorities took contribution holidays, but officials have outlined plans to improve the scheme’s financial health.

Cllr Roger Phillips, chair of the advisory board, said reforms piloted last year would ‘enable us to assess and benchmark the overall health of the scheme relative to other large public or private sector pension schemes’.

Overcoming the barriers to Commercial Card use image

Overcoming the barriers to Commercial Card use

Want to reap the benefits of Commercial Cards but coming up against some challenges? James Sykes, Head of Commercial Cards, Lloyds Bank and David Legg, Head of Corporate Card Products, Lloyds Bank, discuss how the payments industry is helping organisations unlock their true value.
For your free daily news bulletin
Highways jobs

Programme Manager - Capital Programme

Cumbria County Council
£48,984 - £51,055
We are looking for candidates to lead the development and delivery of significant projects and programmes which... Cumbria
Recuriter: Cumbria County Council

Highways Team Leader

Cumbria County Council
£25,481 - £25,991
Are you a hard-working and experienced Highways operative, looking for the next step in your career? Cumbria
Recuriter: Cumbria County Council

Project Lead - Programme Control

Cumbria County Council
£39,880 - £40,876
Cumbria County Councils Capital programme is valued at £100-120Million/ annum. Cumbria
Recuriter: Cumbria County Council

Senior Occupational Therapist

Cumbria County Council
£35,745 - £36,922
This role requires an enhanced DBS check with an Adults Barred List check. Cumbria
Recuriter: Cumbria County Council

Performance Assistants FN038e

Cumbria County Council
£27,741.00 to £28,672.00
This is an exciting opportunity to work in a fast-paced strategic team Cumbria
Recuriter: Cumbria County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue