GAD shares its review into the funding position of the LGPS NI
The outcome of the 2022 valuation of the Local 바카라 사이트 Pension Scheme in Northern Ireland is examined in this latest report from GAD.
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An assessment of the 2022 valuation of the Local 바카라 사이트 Pension Scheme (LGPS) in Northern Ireland shows that overall, the LGPS NI was in good health. The analysis was undertaken by the 바카라 사이트 Actuary바카라 사이트檚 Department (GAD).
The section 13 report was completed under specific 2014 legislation on public service pensions. The 바카라 사이트 Actuary is required to review the fund바카라 사이트檚 actuarial valuation and report on GAD바카라 사이트檚 findings on each of the 4 aims prescribed by the legislation:
- compliance
- consistency
- solvency
- long-term cost efficiency
Report results
GAD바카라 사이트檚 analysis of the LGPS NI found the funding position of the fund has remained broadly stable since 31 March 2019, maintaining its relatively strong financial position. Its total assets have grown from 拢8.0 billion in 2019 to 拢10.2 billion in 2022.
Our assessment includes recommendations on the treatment of surpluses. This recognises the importance of balancing intergenerational fairness with the priority of maintaining stability of contributions when setting employer contribution rates.
GAD actuary Garth Foster co-wrote the report. He said: 바카라 사이트淭he section 13 report provides an overview of the valuation, and the general health, of the LGPS NI scheme. GAD바카라 사이트檚 analysis has identified areas of success, but also recognises the importance of continuing vigilance around the general risks affecting the scheme.바카라 사이트�
Scheme details
The LGPS NI is comprised of a single fund - the Northern Ireland Local 바카라 사이트 Officers바카라 사이트� Superannuation Committee pension fund (바카라 사이트楴ILGOSC바카라 사이트�). LGPS scheme employers include local authorities, schools, colleges, housing associations, and other associated bodies.
This report is based on:
- the 2022 actuarial valuation of the NILGOSC pension fund
- data provided by the fund
- information provided by Aon 바카라 사이트� the fund바카라 사이트檚 actuarial advisers.
This is the third section 13 report of the LGPS NI; previous assessments were undertaken in 2016 and 2019.