of Ealing Pension Fund was carried out as at 31 March 2022 to determine the contribution rates with effect from 1 April 2023 to 31 March 2026. Consequently, the 2022 valuation rates are effective as at 1 April 2023.
STATEMENTS LOCAL GOVERNMENT PENSION SCHEME ASSETS COMPRISED (31D)
| Table 31d
Fair Value of Scheme Assets | 2024/25
£000's | 2025/26
£000's |
|---|
| Cash & Cash Equivalents* | 81,937 | 105,036 |
|---|
| Bonds | | |
|---|
| UK Corporate* | 284,638 | 221,931 |
|---|
| UK Government Indexed | 611 | 159,248 |
|---|
| Sub-total Bonds | 285,249 | 381,179 |
|---|
| Property* | 63,287 | 108,424 |
|---|
| Sub-total Property | 63,287 | 108,424 |
|---|
| Private Equity | | |
|---|
| UK* | 28,280 | 42,353 |
|---|
| Overseas* | 1,069,913 | 935,158 |
|---|
| Sub-total Private Equity | 1,098,193 | 977,511 |
|---|
| Infrastructure | - | 67,765 |
|---|
| Private Debt | - | 54,212 |
|---|
| Sub-total Other Investment Funds | - | 121,977 |
|---|
| | |
| Total Assets | 1,528,666 | 1,694,127 |
|---|
Liabilities have been assessed on an actuarial basis using the projected unit credit method, an estimate of the pensions that will be payable in future years dependent on assumptions about mortality rates, salary levels, etc.
The Local Government Pension Scheme has been estimated by Mercer Limited, an independent firm of actuaries, estimates for the council fund being based on the latest full valuation of the scheme as at 1 April 2022.
The significant assumptions used by the actuary have been:
| Table 31e i) | 2024/25 | 2025/26 |
|---|
| Mortality assumptions: | | |
|---|
| Longevity at 65 for current pensioners: | | |
|---|
| Men current | 21.6 | 21.7 |
|---|
| Women current | 24.1 | 24.2 |
|---|
| Longevity at 65 for future pensioners: | | |
|---|
| Men future | 22.9 | 22.7 |
|---|
| Women future | 25.7 | 25.6 |
|---|
| Rate of inflation - CPI | 2.60% | 2.90% |
|---|
| Rate of increase in salaries | 3.85% | 4.15% |
|---|
| Rate of increase in pensions | 2.70% | 3.00% |
|---|
| Rate for discounting scheme liabilities | 5.80% | 6.10% |
|---|
The estimation of the defined benefit obligation is sensitive to the actuarial assumptions set out in the table above. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period and assumes for each change that the assumption analysed changes while all the other assumptions remain constant.