60-second summary
The 2022 Section 13 report: What does it mean for my Fund?
15 Aug 2024
The Government Actuary’s Department (GAD) has just published its Section 13 report: this relates to Local Government Pension Scheme fund valuations in England & Wales as at 31 March 2022.
The purpose of Section 13 of the Public Service Pensions Act 2013 was to consider issues of compliance, consistency, solvency and long term cost efficiency across the various LGPS funds.
There are two key take-aways for English & Welsh funds to note:
- Looking back: this report publicly identifies where your Fund sits relative to your peers on a number of metrics.
- Looking forward: the report also identifies a number of areas which may affect the outputs of the 2025 actuarial valuations.
In this publication, we share some highlights and a summary of the report.
In summary, we agree with the principles of this Section 13 analysis, however there are some elements of the report where we'll continue to engage with GAD to represent the best interests of LGPS stakeholders.
If you have any questions, or would like to discuss anything further, please get in touch.
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