2019 Valuations
Executive summary
Overall, the 2019 valuation was a very good valuation for all Funds. All LGPS Funds saw an improvement in funding position, largely driven by strong asset performance in 2016/17 which carried through to 31 March 2019, and deficit contributions paid by employers over the inter-valuation period. As at 31 March 2019, the total funding level across the 86 Funds analysed was 98% which corresponded to a deficit of £5.9bn.
Funding level
Improved from 85% at 2016 to 98% at 2019 (on local funding bases)
Deficit
Reduced from £37.7bn at 2016 to £5.9bn at 2019 (on local funding bases)
Membership
Total count of members increased from 5.6m at 2016 to 6.2m at 2019
Average primary rates
Increased from 17.0% of payroll p.a. at 2016 to 18.6% of payroll p.a. at 2019 (at whole Fund level)
Average total contribution rates
Decreased from 23.6% of payroll p.a. at 2016 to 22.9% of payroll p.a. at 2019 (on an equivalent whole Fund level)
Allowance for McCloud
Decreased from 23.6% of payroll p.a. at 2016 to 22.9% of payroll p.a. at 2019 (on an equivalent whole Fund level)
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