Skip to Main Content
Nilgosc


Funding and Valuation

Funding

Funding is defined as the making of advance provision to meet the cost of accruing benefit promises. Decisions taken regarding the approach to funding will therefore determine the rate or pace at which this advance provision is made. Although the Regulations specify the fundamental principles on which funding contributions should be assessed, implementation of the funding strategy is the responsibility of NILGOSC, acting on the professional advice provided by the Actuary.

NILGOSC has prepared a Funding Strategy Statement in accordance with Regulation 30 of the Local Government Pension Scheme (Administration) Regulations (Northern Ireland) 2009.

The purpose of the statement is:

  •  to establish a clear and transparent fund-specific strategy which will establish how employers’ pension liabilities are best met going forward;
  •  to support the regulatory requirement to maintain as nearly constant employer contribution rates as possible; and
  •  to set out a prudent longer-term view of funding those liabilities.

The Funding Strategy Statement can be accessed by clicking here (*PDF, 279kb).

Fund Value

The value of the Fund at 31 March 2016 was £5.820bn (2014/15 £5.821bn (as restated)) a decrease of £0.6m (0.01%) on the previous year.


Market values can fluctuate widely over short periods of time, reflecting short-term changes in investment conditions. In contrast, the triennial valuation of the fund is concerned with the long term and uses actuarial assumptions. The actuary’s report is shown on pages 107 to 109 of the Annual Report.

Actuarial Valuation

The assets and liabilities of the Fund are valued every three years by the Scheme Actuary.  Following each valuation, the Actuary certifies the employers’ contribution rates to maintain the viability of the Fund.  The latest Valuation Reports and Statements are available in the 'Document Library' section under 'Valuation Reports'.

 

* PDF files will open in a new window - Link to Get Adobe Reader