The Government Actuary’s Department (GAD) has concluded that overall, the Local Government Pension Scheme (Scotland) is in a strong financial position.
The Scottish Government asked GAD to undertake this first formal review of the 15 funds in LGPS Scotland. It was carried out under section 13 of the Public Service Pensions Act 2013.
We had previously produced a ‘dry run’ report of the 2014 valuations. In this new report, GAD assessed the actuarial valuations of the funds as at 31 March 2017, by examining:
long term cost efficiency
The report is based on the actuarial valuations together with other data provided by the funds and their actuaries. GAD’s experts concluded that the overall funding level has improved from 94% in 2014 to 102% in 2017.