Mark Whitehead 28 September 2018

Local government pension scheme makes 'significant progress'

Local government pension scheme makes significant progress  image

The scheme that pays the pensions of local government workers is in a strong financial position and its funds have made 'significant progress' in the last five years, according to an official review.

Total assets have grown from £180bn to £217bn since the last review in 2013 and was in surplus overall, the report by the Government Actuary's Department says.

Among a series of recommendations it says the scheme's advisory board should consider how best to implement a standard way of presenting information in valuation reports so that they can be compared more easily.

It says the board should look for ways to achieve greater clarity and consistency in actuarial assumptions, except where differences are justified by significant local variations.

The Government advisors say a consistent approach to pensions should be adopted for schools converting to academy status.

They recommend all funds should review their strategies to ensure that the handling of a surplus or deficit is consistent with CIPFA guidance.

They should be able to demonstrate that their deficit recovery plans allow for the continuation of the previous plan after allowing for 'actual fund experience'.

For your free daily news bulletin
Highways jobs

Youth Worker

Camden London Borough Council
£26,437 + £3,253 Inner London Allowance Pro Rata
Are you an experienced and passionate Youth Worker looking to make a real difference to the lives of young people in Camden? Camden, London (Greater)
Recuriter: Camden London Borough Council

Tree Officer

Camden London Borough Council
We are looking for an experienced arboricultural professional to join a busy Tree Section working with the most up to... Camden, London (Greater)
Recuriter: Camden London Borough Council

Adults Social Workers - Basildon

Essex County Council
Working to support adults and their families, who have complex social needs and are more vulnerable as a result of disability, exclusion, or diminishe England, Essex, Basildon
Recuriter: Essex County Council

Senior Engineer

Lincolnshire County Council
£35,745 - £39,880
Are you an experienced Engineer looking for a new challenge? Lincolnshire
Recuriter: Lincolnshire County Council

Systems Development Officer

North Yorkshire County Council
£27,741 - £30,451
Are you passionate about technology and systems development? Northallerton, North Yorkshire
Recuriter: North Yorkshire 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