Lothian Pension Fund (LPF), the second largest local Government Pension Scheme in Scotland, has communicated that its March 2023 Valuation has been finalised by Pensions Committee and employer contribution rates from 1 April 2024 are now confirmed.
The valuation dated 31 March 2023 for LPF showed a funding level of 157%, increased from 106% in 2020. A funding level above 100% is a positive result.
David Vallery, CEO of LPF says:
“The strong performance of Lothian Pension Fund and drive for service excellence, highlights the dedication and great work of all our colleagues.
“The strong funding position means LPF has reduced contributions for the majority of employers, and none have seen an increase. We’ve also made modest changes to our investment strategy and are proposing to reduce the proportion of assets invested in equities. Decisions are made with a long-term view and both these measures are prudent and expected to put the fund, its employers and members, in a good position for the future.”
Lothian Pension Fund (LPF) administers the Local Government Pension Scheme (LGPS) which provides secure pension benefits protected by a statutory guarantee. It’s a defined benefit pension scheme and member benefits and contributions do not change regardless of any adjustment made to contributions made by employers.