06 October 2025
5 min
Actuarial valuations, pooling, devolution, dashboards and the Pension Schemes Bill – as ever, plenty to keep the LGPS occupied as we enter the second half of the fiscal year.
Having reached the half-way point in the valuation year, initial results are emerging. Our recent webinar showed positive headlines with the LGPS remaining in a strong position, although results across funds will be varied due to the impact of actual experience and beliefs about the future. As a follow up to the webinar, we also produced a briefing note giving more details. The next step in the valuation journey is employer results; clear messaging on outcomes will be important to help funds cut through the noise. Look out for the next webinar in our valuation series which will focus on employer engagement.
The Government Actuary’s Department (GAD) has published its national section 13 valuation report on the 2023 round of local Scottish LGPS valuations. The report reviews the local valuations against four key criteria (compliance, consistency, solvency, and long-term cost efficiency). No funds were flagged under these criteria; however, GAD has made general recommendations to form future reviews. Whilst we agree with the principles of this Section 13 analysis, there are some elements of the report where we will continue to engage with GAD to represent the best interests of LGPS stakeholders. If you have any questions about this report, or your own fund’s analysis, please speak to your usual Hymans consultant.
We’re hoping to meet up with many of you at this year’s conference in Manchester, 14 - 16 October. Ian Colvin will be joining industry experts for a panel session called ‘Ofsted For Local Authorities? The Future of LGPS Governance’. They’ll explore the practicalities of the triennial independent governance reviews, how these reviews will happen and who might take them on.
As we move towards the 2026 LGPS valuations in Scotland, we’ve been analysing the data and developing our thinking around surplus management. With LGPS funds likely to enter a valuation year in strong funding positions for a second time, we’re helping to prepare and have meaningful conversations with stakeholders. Richard Warden will be joining his fellow namesake, Richard (McIndoe), from Strathclyde Pension Fund to discuss the topic on 31 October in a session called ‘Valuation Outlook: Strategy, Surpluses & What’s Next’. The event is being chaired by our colleague Ben Farmer. We look forward to seeing many of you over the two days
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If you have any questions or would like to discuss the topics covered in this edition, feel free to get in touch.
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