Report on the 31 March 2019 Actuarial Valuation
Report on the 31 March 2019 actuarial valuation Hampshire Pension Fund Prepared for: Hampshire County Council as Administering Authority of the Hampshire Pension Fund Prepared by: Aon 2019 Date: 31 March 2020 At a glance Past Service Position Shorthand There was a shortfall of £78.1M relative to the liabilities. The funding level Funding level: the value of assets held by the Fund divided by the was 98.9%. liabilities. Funding target (liabilities): the level of assets determined by the Assets (£7,181.9M) 7,181.9M Administering Authority as being appropriate to meet member benefits, assuming the Fund continues indefinitely. Primary rate: the employer share of the cost of benefits being earned in Funding Target 2,407.6M 1,554.0M 3,298.4M future, expressed as a percentage of pensionable pay. The figure quoted (£7,260.0M) is a weighted average of all employers' primary rates. Actives Deferreds Pensioners Pensionable pay: as defined in the Regulations in relation to post-2014 Employer Contributions membership. Recovery period: the period over which any surplus or shortfall is % of 2019 valuation 2016 valuation Pensionable Pay eliminated. Primary rate 17.8 17.1 Secondary Rate: the adjustment to the primary rate, expressed as a % of Secondary rate 1.0* 7.5 pensionable pay, which reflects the specific circumstances of the Fund as a whole, this includes the potential impact of the legislative uncertainties Total rate 18.8 24.6 outlined in Further Information section c. Recovery period 16 years from 19 years from Shortfall (deficit) or Surplus: the difference between the value of 1 April 2020 1 April 2017 assets and the aggregate funding target (value of the liabilities) for the *including 0.9% of pay for McCloud/cost cap Fund as a whole, where the value of assets is less/higher than the The contributions payable by each employer or group of employers may funding target.
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