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2013 Actuarial Valuation Insights for the London Pensions Fund Authority

This document outlines the 2013 actuarial valuation process for the London Pensions Fund Authority, focusing on the purpose of triennial funding valuations, cashflows totaling £17bn, and financial assumptions for both open and closed employers. Sensitivity analyses demonstrate potential impacts of changes in inflation and longevity on the total deficit, which stands at £185m with a proposed 20-year recovery period. It provides clarity on employer contributions and next steps in managing pension deficits, aiming for informed decision-making in future funding strategies.

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2013 Actuarial Valuation Insights for the London Pensions Fund Authority

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  1. London Pensions FundAuthority 2013 Actuarial Valuation graeme.muir@bwllp.co.uk mark.norquay@bwllp.co.uk November 2013

  2. Agenda

  3. Purpose of valuations

  4. Triennial Funding Valuation

  5. How do we do it? Total Cashflows - £17bn

  6. How do we do it?

  7. Assumptions

  8. Open employers

  9. Closed employers

  10. Closed employers

  11. Summary of Financial Assumptions

  12. Sensitivity of assumptions • Central assumptions £17bn

  13. Sensitivity of assumptions • What if inflation is 0.5% higher? £20bn

  14. Sensitivity of assumptions • And what if people live for longer as well? • 2.5% long-term improvement instead of 1.5% £23bn

  15. Employers’ Contributions

  16. Next Steps

  17. Managing Your Deficit

  18. 20 Year Recovery Period - £100m of deficit Total Deficit Contributions - £185m

  19. 10 Year Recovery Period - £100m of deficit Total Deficit Contributions - £140m

  20. Any questions?

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