Actuarial valuation result

The request was successful.

Dear London Pensions Fund Authority,

Please can you provide me with LPFA's 31/3/2013 and 31/3/2016 actuarial funding level (ratio of assets to liabilities) calculated using the LGPS Scheme Advisory Board's standard valuation assumptions.

Yours faithfully,

R Jones

London Pensions Fund Authority

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Subject: Freedom of Information request - Actuarial valuation
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Sent request to London Pensions Fund Authority again, using a new contact address.

Dear London Pensions Fund Authority,

Please can you respond to my FOI request of 30 May.

Yours faithfully,

R Jones

Rebecca Pitt,

Good Morning,

Thank you for your email.

Can you please confirm the email address that the FOI request was sent to?

Kind regards,

Rebecca Pitt
Governance Advisor
Local Pensions Partnership

Phone:  020 7369 6088
Email: [email address]
www.localpensionspartnership.org.uk

show quoted sections

Dear Rebecca Pitt,

The original message appeared to be sent to a Cerian Gilhooley, the full email address is not shown.

Yours sincerely,

R Jones

Rebecca Pitt,

Thank you,

Cerian Gilhooley no longer for the Local Pensions Partnership. Would you be able to send me the FOI request? Apologies for the inconvenienced caused.

Kind regards,

Rebecca Pitt
Governance Advisor
Local Pensions Partnership

Phone:  020 7369 6088
Email: [email address]
www.localpensionspartnership.org.uk

show quoted sections

Dear Rebecca Pitt,

Dear London Pensions Fund Authority,

Please can you provide me with LPFA's 31/3/2013 and 31/3/2016 actuarial funding level (ratio of assets to liabilities) calculated using the LGPS Scheme Advisory Board's standard valuation assumptions.

Yours sincerely,

R Jones

Rebecca Pitt,

Good morning,

Thank you for providing me with the original Freedom of Information request, your request was considered under the provisions of the Freedom of Information Act 2000 (FOIA).

The information you are looking for can be found on the link provided below:
http://www.lpfa.org.uk/Files//Files/LPFA...

If you have any further queries, please do not hesitate to contact me.

Kind regards,

Rebecca Pitt
Governance Advisor
Local Pensions Partnership
2nd Floor
169 Union Street
London
SE1 0LL

show quoted sections

Dear Rebecca Pitt,

Thank you for this, however it does not contain the information I requested. I requested the results using the LGPS standard assumptions which are set by the Scheme Advisory Board.

Please can you provide this information ASAP.

Yours sincerely,

R Jones

Rebecca Pitt,

Good morning,

I have made some further internal queries. We will try and come back to you as soon as possible, but at the latest it will be by the end of the week. Apologies for the inconvenienced caused. For all future requests, can you please send them to [email address]

Kind regards,

Rebecca Pitt
Governance Advisor
Local Pensions Partnership

Phone:  020 7369 6088
Email: [email address]
www.localpensionspartnership.org.uk

show quoted sections

Rebecca Pitt,

Good morning,

The LPFA valuation report from Barnett Waddingham was provided to you as that contains clear information on how the assets and liabilities of the fund have been calculated for the 2016 Triennial Review. The request that you have asked for - assessing the assets and liabilities according to the assumptions of the Scheme Advisory Board- is not a calculation that the fund has immediately available for public use. To value the assets and liabilities in this way would require further work from Barnett Waddingham and would incur a charge to the fund which we do not deem to be a suitable use of public expenditure. As I'm sure you are aware, the Freedom of Information Act applies to information that is currently held by a public authority and which can, in turn, be readily communicated to the public; the information you have asked for does not satisfy either of these criteria.

An annual report of the LGPS is available on the Scheme Advisory Board's website which states that LGPS liabilities, as at 31/03/2016, were estimated to be £254bn indicating an overall funding level of 85%. A link to this information can be found here: http://www.lgpsboard.org/index.php/schem...

An update on the funding of the valuation of the LGPS as a whole is currently being undertaken by GAD on behalf of the Scheme Advisory Board. GAD has recently acquired section 13 data from the Fund actuaries over the last week and will be looking analyse and consult with stakeholders during 2017. The report is due to be finished in late 2017/ early 2018 and the results will be made available on the Scheme Advisory Board’s website.

If you have any further queries, please do not hesitate to contact me.

Kind regards,

Rebecca Pitt
Governance Advisor
Local Pensions Partnership

Phone:  020 7369 6088
Email: [email address]
www.localpensionspartnership.org.uk

show quoted sections

Dear Rebecca Pitt,

Thank you for your latest response, however I do not accept that there is a cost involved in providing the information I have requested. All LGPS funds have provided this information to the Scheme Advisory Board and therefore no further recourse to the actuary is required.

I would be extremely concerned if the officers and board at LPFA did not know the answers to the questions I have asked.

Yours sincerely,

R Jones

Rebecca Pitt,

Dear R Jones,

Would you be available to have a conversation over the phone? Clarity on your request would be most helpful.

Kind regards,

Rebecca Pitt
Governance Advisor
Local Pensions Partnership

Phone:  020 7369 6088
Email: [email address]
www.localpensionspartnership.org.uk

show quoted sections

Dear Rebecca Pitt,

Thank you for your offer, however I feel my request is perfectly clear.

I have actually managed to find the information I requested for the 2013 valuation on page 38 of the document linked below. This is a funding level of 92%.

http://www.lgpsboard.org/images/Reports/...

The equivalent figure at the 2016 valuation will be one of the figures shown on the link below. Please can you can confirm which figure is in respect of the LPFA?

http://www.lgpsboard.org/index.php/schem...

Yours sincerely,

R Jones

Alex Omell,

Dear Mr Jones,

Your email has been passed to me by my colleague to respond to directly. I have spoken to our actuaries on this matter and they have confirmed that the funding level of the LPFA Fund is 96% on the SAB basis as at 31/03/2016. There was some confusion with your initial request as to whether or not you wanted an up to date estimate (i.e current value) of the funding level on the SAB basis which would have required further actuarial work and incurred a charge to the fund, which is why we wanted a quick telephone call to confirm this was not what you were looking for.

I hope you now have the information you require and apologies for any inconvenience caused.

Thanks,

Alex Omell 
Assistant Manager, Employer Risk Services
Local Pensions Partnership
2nd Floor
169 Union Street
London
SE1 0LL
Tel: 0207 369 6054
Email: [email address]
www.localpensionspartnership.org.uk

show quoted sections