The funding gap of the Local Government Pension Scheme (LGPS) has improved by £9.2bn since 2013 but last year's difficult market conditions reduced returns to just 0.1%.
According to the 2016 annual report published today by the Scheme Advisory Board (SAB), the total actuarial deficit of the LGPS fell to £37bn as of March 2016, while the funding ratio has rose to 85.3%....
'Not appropriate to comment'
Proposals for mandatory tendering of fiduciary management services, as well as additional guidance for trustees, have been welcomed by industry commentators albeit with some caution.
Sterling has fallen on the back of inflation figures released this morning, which show the UK Consumer Price Index (CPI) remained steady at 2.4% in June.
John Wotton says the competition watchdog's package of proposals will help trustees get the best deal and be satisfied they are acting in their members' best interests