MyEDC

    Technical Notes 2025, Issue 192 - Strathclyde Pension Fund

    • Report by:

      Ann Davie, Chief Executive

    • TN Number:

      192-25

    • Subject:

      Strathclyde Pension Fund

    • Responsible Officer:

      Ann Davie, Chief Executive

    • Publication:

      This Technical Note will be published on the Council’s website following circulation to Members. Its contents may be disclosed or shared outwith the Council.

    At its meeting on 2nd October, under Item 13 - East Dunbartonshire Forward in Partnership – Strategic Planning & Performance Update, Council agreed as follows: 

    “b) to note that the evaluated financial gap of £18.343m included a direct cost pressure of £11.604m due to the increase in employers’ pension contribution rates from 6.5% to 17.5%

    • The Local Government Pension Scheme regulations require each administering authority to obtain an actuarial valuation of the assets and liabilities of each of its pension funds as at 31st March in every third year.  The regulations require each administering authority, after consultation with such persons as they consider appropriate, to prepare, maintain and publish a written statement setting out their funding strategy.  The most recent actuarial valuation of the Strathclyde Pension Fund was completed as at 31st March 2023.  The next actuarial valuation and review of the Funding Strategy Statement will be carried out as at 31st March 2026 and must be completed by 31st March 2027

    • Further notes that in its 2025 Annual Report, Strathclyde Pension Fund states that “As at 31st March 2025 this showed an indicative funding position of 174%.” and that the funding position has improved since its published funding position in 2023 of 147%

    • Instructs the Chief Finance Officer to write to Strathclyde Pension Fund to explore options that may be available to mitigate the additional cost pressure in 2026/27 and report back to a future Council meeting.”

    View a copy of the Chief Finance Officer’s correspondence and the response from Robert Emmott, Director of Financial Services at Glasgow City Council (in the role as the 'administering authority for the Strathclyde Pension Fund').