The Scheme conducts an actuarial valuation every three years. The 2013 valuation estimated that the Local Government Pension Scheme in England and Wales had a funding level of 79% and a deficit of £47 billion.
The shadow Scheme Advisory Board has also brought together the funds’ triennial valuation reports to provide a view of the Scheme’s overall position (http://www.lgpsboard.org/index.php/schemedata/scheme-valuation). The Government has asked the shadow Board to identify and assess alternative ways to address the deficit and looks forward to receiving their proposals.
In addition, the Government introduced a reformed Local Government Pension Scheme from