Briefing note

SAB's statement on LGPS surpluses

18 Jan 2024

The Scheme Advisory Board (SAB) in England and Wales has issued a statement with advice to funds on how the emergence of LGPS surpluses can be effectively managed and administered.

The statement has arisen from work carried out by SAB’s ‘Surplus working group’, involving us and other LGPS stakeholders. It covers four key areas:

  • Stability of contribution rates
  • Tailored employer investment strategies
  • ‘Partial terminations’
  • Contribution rate reviews between formal valuation

We’ve summarised each of these areas in our briefing note, along with our thoughts.


There is a lot to digest in the statement. Your Fund Actuary can help identify how this affects your current funding strategies and the associated policies and processes. If you would like to discuss further, please get in touch.

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