The UK Government's Public Service Pensions Act requires that a valuation of the Local Government Pension Scheme (Scotland) (LGPS(S)) must be undertaken every three years to measure the costs of benefits being provided. Details of how and when each valuation should be undertaken are set out in HM Treasury Directions and regulations (in particular the Public Service Pension (Valuations and Employer Cost Cap) Directions 2014) (as amended)).

The first valuation of the Local Government Pension Scheme (Scotland) under these new arrangements was carried out by the Government Actuary's Department on behalf of the Scottish Government based on scheme data as at 31st March 2014.

Completed on 4th January 2016, results were used to establish an employer cost cap against which future scheme costs will be compared in future triennial valuations.

The report of the 2014 valuation, together with the supporting documentation, is published below:

Actuarial Valuations Report 

Valuation Methodology Report

Valuation Data Report

Data Movements Report 

Assumptions Report

Future valuations will be used to compare scheme costs against the employer cost cap mechanism.

The next valuation will be based on scheme data as at 31st March 2017 and will begin in 2017-18. Any changes arising from that valuation will apply from 1st April 2020.

Link to Scottish Government Website