[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-203191-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-203191-en":131},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","gloucestershire-pension-fund-funding-update-report-at-31-march-2026","Gloucestershire Pension Fund - Funding update report at 31 March 2026","","Gloucestershire Pension Fund funding update report presents the estimated funding position as at 31 March 2026 on the Fund’s Ongoing basis, alongside equivalent figures at 31 March 2025 to show how results have changed since the previous valuation. It outlines asset estimates based on rollforward from 31 March 2025, required return for 100% funding, funding level and surplus/deficit metrics, and likelihood of achieving the assumed investment return. 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This document should be read in conjunction with the Fund's Funding Strategy Statement ( FSS) .  \nThe purpose of this report is to provide the funding position of the Gloucestershire Pension Fund as at 31 March 2026 and show how it has changed since the previous valuation at 31 March 2025. This report has not been prepared for use for any other purpose and should not be so used. Thereport should not be disclosed to any third party except as required by law or regulatory obligation or with our prior written consent. Hymans Robertson LLP accept no liability where the report is used by or disclosed to a third party unless such liability has been expressly accepted in writing. Where permitted, the report may only be released or otherwise disclosed in a complete form which fully discloses the advice and the basis on which it is given.  \nThe figures presented in this report are prepared only for the purposes of providing an illustrative funding position and have no validity in other circumstances.  \nThis report also contains the data and assumptions underlying the results and the reliances and limitations which apply to them.  \nResults  \nFunding position update  \nThe table on this page shows the estimated funding position at 31 March 2026 on the Fund's Ongoing basis (as defined in the Fund's FSS) . The table also shows what future investment return would be required for the Fund to be 100% funded, along with the likelihood of the investment strategy achieving this return. The equivalent results at 31 March 2025 on the Ongoing basis are shown for comparison. An increase in the likelihood corresponds to an improvement in the funding position (and viceversa) .  \nPlease note that the asset value at 31 March 2026 shown in this report may differ to the actual asset value at that date. The asset value in this report is an estimate based on a rollforward from 31 March 2025 using estimated cashflows (see section A2) and estimated investment returns (see section A3) . This approach ensures the asset value is consistent with the liabilities and gives a more reliable estimate of the funding position than if the actual asset value was used.  \n\n| Monetary amounts in £bn | Ongoing basis |  |\n| --- | --- | --- |\n|  | 31 March 2025 | 31 March 2026 |\n\nAssets  \n3.59  \n3.98  \n\n| Liabilities | Active members\u003Cbr>Deferred pensioners Pensioners\u003Cbr>Total liabilities | 0.67 | 0.91 |\n| --- | --- | --- | --- |\n|  |  | 0.45 | 0.55 |\n|  |  | 1.23 | 1.29 |\n|  |  | 2.35 | 2.75 |\n| Surplus/(deficit) |  | 1.24 | 1.23 |\n| Funding level |  | 152% | 145% |\n| Required return (% pa)* |  | 3.5% | 3.6% |\n| Likelihood of achieving this return |  | > 95% | 95% |\n\n* Future investment return for funding level to be 100%  \nUnderstanding the funding level  \nTo help better understand the funding level, the chart below shows how the funding level varies with the assumed rate of future investment returns at 31 March 2025 and 31 March 2026. The percentages next to each point on the lines show the likelihood of the investment strategy achieving that return at the respective date (for further details see section A4) . The solid-coloured point indicates the funding level on the Fund's chosen assumptions.  \n220%  \nFund ing leve l  \n200%  \n180%  \n160%  \n140%  \n120%  \n100%  \n50%  \n55%  \n60%  \n65%  \n70%  \n75%  \n80%  \n85%  \n90%  \n95%  \n80% ~~ ~~  \n3. 5% 4. 5% 5. 5% 6. 5% 7. 5% 8. 5%  \nAssumed future investment return (% pa)  \n31 Mar 2025  31 Mar 2026  \nFunding level progression  \nThe chart below shows how the funding level has progressed between 31 March 2025 and 31 March 2026. It allows for changes in market conditions and other factors described in Appendix B.  \n200%  \nFund ing leve l  \n125%  \n100%  \n75%  \n50%  \n25%  \n0% ~~ ~~  \n31 Mar 30 Apr 31 May 30 Jun 31 Jul 31 Aug 30 Sep 31 Oct 30 Nov 31 Dec 31 Jan 28 Feb 31 ","cbCaiczQekaEu4jb","https://ap.wps.com/l/cbCaiczQekaEu4jb","pdf",249657,"English","# Results\n## Funding position update\n## Understanding the funding level\n## Funding level progression\n# Next steps\n# Appendix A - Data and assumptions\n## A.1 Membership data\n## A.2 Cashflows since the valuation at 31 March 2025","[{\"question\":\"What is the purpose of this funding update report for Gloucestershire Pension Fund?\",\"answer\":\"It provides the Fund’s estimated funding position as at 31 March 2026 and explains how it has changed since the previous valuation at 31 March 2025.\"},{\"question\":\"How are the asset values at 31 March 2026 estimated in this report?\",\"answer\":\"The asset value is an estimate derived from a rollforward from 31 March 2025 using estimated cashflows and estimated investment returns, to align assets with the liabilities assumptions.\"},{\"question\":\"Why may the reported results not fully reflect future changes or should not be used for decisions?\",\"answer\":\"The figures are estimates based on rollforward methodology with embedded assumptions and limitations, and factors like investment strategy and membership profile changes may not be fully reflected; decisions should not be made solely on these results.\"}]","Gloucestershire Pension Fund - Funding update report at 31 March 2026 | PDF"]