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      The Environment Agency Team

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25 April 2017

Good news from our 2016 actuarial valuation

Every three years, our Fund undertakes a valuation in conjunction with our Actuary. Our 31 March 2016 valuation assessed the Fund’s financial position based on our assets and liabilities (pensions built up in the Fund) at that date. We use these results to agree employer contribution rates for the period April 2017 to March 2020.

Our 2016 Active Fund valuation results reflect an ongoing funding level of 103%, which is excellent news (2013: 90%). We anticipate this will be one of the highest in the LGPS. We are responsible investors and our investment performance exceeded assumptions by £260million over the valuation period. We have agreed our employer contribution rates with the employers, remaining committed to ensuring the Fund maintains its good position going forward.

We’ve also seen the funding position for the Closed Fund improve to 31% at 31 March 2016, from 19% in 2013. We expect this as the Fund continues to mature. It is funded through grant in aid from Defra.

The EAPF have been ranked as a joint top ranked Fund by the Scheme Advisory Board (SAB) for its valuation results. The SAB encourages best practice within the LGPS and produced these rankings on a like for like basis with other LGPS Funds. We are delighted by these results and the recognition received for the overall success of the Fund.

Last updated: 26/04/2017