Local Government Pension Scheme (Northern Ireland) Section 13 report as at 31 March 2019
The Government Actuary’s Department has prepared a report as required under Section 13 of the Public Service Pensions Act (Northern Ireland) 2014.
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The Government Actuary has been appointed by the Department for Communities to report under Section 13 in connection with the actuarial valuation of the LGPS NI.
The Government Actuary is required to report on whether the aims in relation to compliance, consistency, solvency and long-term cost efficiency are achieved. In our view we believe these aims are met and LGPS NI appears to be in a strong financial position.
We do note that generally local authorities have finite resources and in recent years the size of the pension fund has increased considerably. We would expect that the pension scheme committee is aware of the solvency risk and will monitor it over time.