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Annual Report

SLGPSAB Annual Report 2019/20

Financial Overview

Audit Scotland published an annual Financial Overview of Local Government in Scotland 2019/20 on the SLGPS within its main report. This describes the scheme and governance arrangements together with an analysis of the financial position. Its conclusions were as follows:


Investment returns for each fund were between -1.9% and -8.3% in 2019/20. In the majority of funds, the overall investment returns still outperformed their individual annual benchmarks to 31 March 2020.


A number of pension fund auditors drew attention to the levels of greater uncertainty attached to “level 3” investments, by including an ‘emphasis of matter’ paragraph in their auditors reports. These valuations included material valuation uncertainty disclosures this year due to Covid-19.


The reports can be found on the Audit Scotland’s website, links below:


Financial Overview

Audit Plan and interim report


Triennial valuations of Scottish Local Government Pension Funds are due to be completed in March 2021. This will identify the funding level in each scheme and inform future funding and investment strategies as well as determining the level of employer and employee contribution rates from 2021/22 onwards.


LGPS Funds Accounts and Net Assets as at 31 March 2020 are detailed at Appendix I drawn from Scottish LGPS Funds Annual Reports 2019-20 .