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Employer briefing note on the 2016 LGPS valuations

UCEA has prepared the attached members’ briefing note to assist institutions in relation to the current 31 March 2016 LGPS valuations. While the note focuses on the 2016 LGPS valuations in England and Wales, Scottish HEIs will also find this document useful for the 31 March 2017 LGPS valuations in Scotland.

It is expected that the deficits in many LGPS funds will have increased in monetary terms and many HEIs will be faced with significant increases in their LGPS costs. The note sets out the LGPS valuation process and provides useful information for HEIs to consider in discussions with their administering authority in relation to employer contribution rates from April 2017 and deficit management. The briefing note has been prepared with assistance from Barnet Waddingham and input from the London Pension Fund Authority.
The briefing note covers:
The LGPS valuation process
Employer covenant assessment
Discount rate
Economic assumptions
Demographic assumptions
Deficit recovery
Valuation timetable.

Employer briefing note on the 31 March 2016 LGPS valuations - October 2016