Actuarial valuation

Actuarial Valuation reports

The 2017 Actuarial Valuation was carried out at 31 March 2017. 

Actuarial valuations are carried out every three years to gauge the amount of money needed to pay future pensions.  This is then measured against the amount of money the Funds holds to produce a funding level. 

You can view the Actuarial Valuation reports for each fund here.

Lothian Pension Fund

The latest Lothian Pension Fund valuation showed the funding level  of 98% at 31 March 2017, an increase from 91% as at 31 March 2014. This means that for every £1 of pension due in the future, the Fund has 98 pence in the investment pot to pay for it. You can view the 2017 Valuation for Lothian Pension Fund report here.  


Lothian Pension Fund

 2008

£m

 2011

£m

 2014

£m

2017

£m

Past Service Liabilities 3,427 3,619 4,796 6,743
Market Value of Assets 2,903 3,477 4,379 6,598
Surplus / (Deficit) (524) (142) (417) (145)

 Funding Level

85%  96% 91% 98%

Lothian Buses Pension Fund

The Lothian Buses Pension Fund is now closed to new members. The funding level at 31 March 2017 is 121%.  This is an increase of 4% on the funding level in 2014 which was 117%. You can view the Lothian Buses Pension Fund valuation report for 2017 here.


Lothian Buses Pension Fund

 2008

£m

 2011

£m

 2014

£m

2017

£m

Past Service Liabilities 208 229 289  404
Market Value of Assets 198.8 257 337  488
Surplus / (Deficit) (9.3)
28
48  84

Funding Level

96% 112% 117%  121%

As the Fund is closed, the Valuation also provides the funding position on a gilts assumption basis.  This valuation showed a 89% funding position.  You can read more about the basis for the gilt assumptions in the Valuation report here.

Scottish Homes Pension Fund

The Scottish Homes Pension Fund is now closed and has no active members. The most recent valuation at 31 March 2017 showed a funding level of rise from 89% in 2014 to 104.7%.  You can see the Scottish Homes Pension Fund 2017 Valuation Report here.

Scottish Homes Pension Fund

 2008

£m

 2011

£m

 2014

£m

2017

£m

Past Service Liabilities 146.6 144.1 153.5  162.9
Market Value of Assets 125.9
 124.3  136.3  170.6
Surplus / (Deficit) (20.7)
(19.8) (17.1)  7.7

Funding Level

86%
86% 89% 104.7%