Mark Whitehead 28 September 2018

Local government pension scheme makes 'significant progress'

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'.

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