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London Pensions Fund Authority 2013 Actuarial Valuation Summary

Review of the 2013 Actuarial Valuation for London Pensions Fund Authority, focusing on total cashflows, financial assumptions, and deficit management strategies.

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London Pensions Fund Authority 2013 Actuarial Valuation Summary

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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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