Bulletin 6: Pension Fund Valuation Update
Every three years the Pension Fund is assessed to calculate the overall Fund value and individual employer contribution rates.
The Fund valuation date was the 31 March 2025, and the valuation sets employer contribution rates for the period 1 April 2026 to 31 March 2029.
Since the March 2025 Employer Bulletin, valuation work has positively progressed. Employer data has been received, and the Leicestershire Pension Committee approved the Fund valuation assumptions on 27 June 2025.
Hymans (the Pension Fund actuary) has provided a helpful summary document (attached) detailing elements of the valuation. It shows an improved funding level between 2022 and 2025.
However, I must stress the estimated 146% 2025 funding value is only indicative, and the actual funding level will be calculated as part of the 31 March 2025 valuation process, with updated scheme membership and final assumptions.
The current timeline is shown below, and Hymans are calculating the whole Fund results, ready for September/October. Employers will be provided with their indicative employer rates in November 2025 (for the period April 2026 to March 2029).
The Fund will consult with employers, starting in November 2025, on the Funding and Investment Strategy Statements.
Timeline Date | Topic | Stakeholder(s) |
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| September 2025 | Initial draft Funding Strategy Statement (FSS) and Investment Strategy Statement (ISS) changes, and request approval to consult with employers. | Committee and Board |
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| September/October 2025 | Whole Fund valuation results. | Committee and Board |
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| November 2025 | Provide employers with their indicative rates. 1 April 2026 to 31 March 2029 and commence FSS and ISS consultation. | Pension Section and Fund employers |
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| December 2025/January 2026 | Changes to the FSS and ISS. | Pension Section |
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| February 2026 | Finalise FSS and ISS. | Committee and Board |
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| March 2026 | Final valuation report produced with final employer rates. | Hymans |
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| April 2026 to March 2029 | Employer rates implemented. | Pension Section and Fund employers |
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If you have any questions regarding the ongoing Fund Valuation, please email phil.drury@leics.gov.uk or jaishika.patel@leics.gov.uk
