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’.

For your free daily news bulletin
Highways jobs

Principal Energy Engineer

Surrey County Council
£45,734 - £51,725 per annum
Do you have experience in working with delivering carbon reduction measures into a range of building projects? Surrey
Recuriter: Surrey County Council

Wellbeing and Independence Practitioner - Safeguarding

Essex County Council
£27203 - £31370 per annum
Please note, this role is a Fixed Term Contract until the end of March 2022. With us, you can achieve more - for yourself as well as those you work England, Essex, Chelmsford
Recuriter: Essex County Council

Chief Fire Officer/Chief Executive

Essex County Fire & Rescue Service
c. £150,000
Are you ready for an exciting and rewarding opportunity Essex
Recuriter: Essex County Fire & Rescue Service

Housing Development Manager

City of York Council
£36,476 to £41,830 per annum
Do you want to play a key part in the delivery of “the UK’s most ambitious council-led housing programme in a generation”? York, North Yorkshire
Recuriter: City of York Council

Resettlement Support Workers

City of York Council
£21,989 to £24,447 per annum
We are looking to recruit two individuals to provide high quality support to those living in the resettlement hostel for young people aged 16-25 York, North Yorkshire
Recuriter: City of York 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