Exempt – Pension Fund Deficit Recovery Plan

LGPS triennial valuation (31 Mar 2024): Council’s notional deficit increased from £5.2m to £8.6m. Causes: low interest rates, increased longevity assumptions, 2022/23 market volatility. Recovery plan: employer contribution rate increased from 18.4% to 21.2%; additional lump sum £400k/year for 5 years. Additional annual cost: £680k (included in 2025/26 budget). Review at 2027 interim valuation.