Funding level of most LGPS funds above 100%
Author: LAPF Investments | Published: April 10, 2026
More than 90% of funds in the LGPS reported a funding level of above 100%, according to the fund valuations for 2025.
Conducted every three years, these regular assessments are key as they confirm that each fund holds sufficient assets to meet its long-term liabilities. The overall funding level figures for each of the funds are published on the Scheme Advisory Board’s website.
All told, eight funds reported funding levels of below 100% – with only three slipping below the 90% mark. These shortfalls have been attributed to several factors, primarily volatility in investment returns since the previous triennial valuation review in 2022.
Six funds, meanwhile, recorded a drop in funding levels over the three years, while 79 reported increases. Of these, 19 reported funding level increases of more than 20% – with Gwynedd, Gloucestershire, and Suffolk all recording rises of more than 40%.
Kensington and Chelsea remained at the top of the table by funding level percentage, sitting at 175%. Last month, the borough council’s contribution rate was set at 0% for three years following a 12-month contribution holiday – reflecting the fund’s strong surplus position.
Gwynedd, West Sussex, and Staffordshire also posted strong funding levels – sitting at 166%, 162%, and 155% respectively.
UK Local Government Pension Funds – Funding Levels 2022 vs 2025
Sources: Scheme Advisory Board – Fund Valuations – 2025 | Fund Valuations – 2022
| Authority |
Actuary |
Funding Level 2022 |
Funding Level 2025 |
Change (%) |
| Avon |
Mercer |
96% |
106% |
+10% |
| Barking and Dagenham |
Barnett Waddingham |
101% |
108% |
+7% |
| Barnet |
Hymans |
95% |
130% |
+37% |
| Bedfordshire |
Barnett Waddingham |
92% |
102% |
+11% |
| Berkshire |
Barnett Waddingham |
86% |
86% |
– |
| Bexley |
Mercer |
114% |
119% |
+4% |
| Brent |
Hymans |
87% |
113% |
+30% |
| Bromley |
Mercer |
115% |
151% |
+31% |
| Buckinghamshire |
Barnett Waddingham |
104% |
103% |
–1% |
| Cambridgeshire |
Hymans |
125% |
147% |
+18% |
| Camden |
Hymans |
113% |
136% |
+20% |
| Cardiff |
Aon |
98% |
111% |
+13% |
| Cheshire |
Hymans |
113% |
136% |
+20% |
| City of London Corporation |
Barnett Waddingham |
98% |
96% |
–2% |
| City of Westminster |
Hymans |
128% |
140% |
+9% |
| Clwyd |
Mercer |
105% |
111% |
+6% |
| Cornwall |
Hymans |
96% |
118% |
+23% |
| Croydon |
Hymans |
97% |
132% |
+36% |
| Cumbria |
Mercer |
110% |
124% |
+13% |
| Derbyshire |
Hymans |
100% |
135% |
+35% |
| Devon |
Barnett Waddingham |
98% |
100% |
+2% |
| Dorset |
Barnett Waddingham |
96% |
98% |
+2% |
| Durham |
Aon |
98% |
98% |
– |
| Dyfed |
Mercer |
113% |
128% |
+13% |
| Ealing |
Mercer |
96% |
112% |
+17% |
| East Riding |
Hymans |
120% |
154% |
+28% |
| East Sussex |
Hymans |
123% |
117% |
–5% |
| Enfield |
Hymans |
104% |
127% |
+22% |
| Environment Agency – active |
Hymans |
103% |
143% |
+39% |
| Environment Agency – closed |
Hymans |
67% |
80% |
+19% |
| Essex |
Barnett Waddingham |
102% |
108% |
+6% |
| Gloucestershire |
Hymans |
110% |
152% |
+38% |
| Greater Gwent (Torfaen) |
Hymans |
97% |
134% |
+38% |
| Greater Manchester |
Hymans |
104% |
128% |
+23% |
| Greenwich |
Hymans |
103% |
118% |
+15% |
| Gwynedd |
Hymans |
120% |
166% |
+38% |
| Hackney |
Hymans |
106% |
138% |
+30% |
| Hammersmith and Fulham |
Hymans |
105% |
113% |
+8% |
| Hampshire |
Hymans |
107% |
129% |
+21% |
| Haringey |
Hymans |
113% |
139% |
+23% |
| Harrow |
Hymans |
96% |
108% |
+13% |
| Havering |
Hymans |
80% |
101% |
+26% |
| Hertfordshire |
Barnett Waddingham |
106% |
112% |
+6% |
| Hillingdon |
Hymans |
88% |
118% |
+34% |
| Hounslow |
Barnett Waddingham |
104% |
105% |
+1% |
| Isle of Wight |
Hymans |
102% |
149% |
+46% |
| Islington |
Mercer |
96% |
112% |
+17% |
| Kensington and Chelsea |
Hymans |
154% |
175% |
+14% |
| Kent |
Barnett Waddingham |
102% |
104% |
+2% |
| Kingston upon Thames |
Hymans |
111% |
137% |
+23% |
| Lambeth |
Hymans |
96% |
120% |
+25% |
| Lancashire |
Mercer |
115% |
134% |
+17% |
| Leicestershire |
Hymans |
105% |
140% |
+33% |
| Lewisham |
Hymans |
97% |
119% |
+23% |
| Lincolnshire |
Barnett Waddingham |
101% |
110% |
+9% |
| London Pensions Fund Authority |
Barnett Waddingham |
128% |
120% |
–6% |
| Merseyside |
Mercer |
106% |
116% |
+9% |
| Merton |
Barnett Waddingham |
109% |
105% |
–4% |
| Newham |
Barnett Waddingham |
100% |
102% |
+2% |
| Norfolk |
Hymans |
106% |
129% |
+22% |
| North Yorkshire |
Aon |
116% |
120% |
+3% |
| Northamptonshire |
Hymans |
113% |
139% |
+23% |
| Nottinghamshire |
Barnett Waddingham |
100% |
99% |
–1% |
| Oxfordshire |
Hymans |
111% |
129% |
+16% |
| Powys |
Aon |
99% |
103% |
+4% |
| Redbridge |
Hymans |
99% |
122% |
+23% |
| Rhondda Cynon Taf |
Aon |
105% |
114% |
+9% |
| Shropshire |
Mercer |
94% |
115% |
+22% |
| Somerset |
Barnett Waddingham |
95% |
99% |
+4% |
| South Yorkshire |
Hymans |
119% |
142% |
+19% |
| Southwark |
Aon |
109% |
110% |
+1% |
| Staffordshire |
Hymans |
120% |
155% |
+29% |
| Suffolk |
Hymans |
107% |
151% |
+41% |
| Surrey |
Hymans |
102% |
133% |
+30% |
| Sutton |
Hymans |
101% |
114% |
+13% |
| Swansea |
Aon |
100% |
122% |
+22% |
| Teesside |
Hymans |
116% |
141% |
+22% |
| Tower Hamlets |
Hymans |
123% |
129% |
+5% |
| Tyne and Wear |
Aon |
110% |
120% |
+9% |
| Waltham Forest |
Mercer |
81% |
89% |
+10% |
| Wandsworth |
Barnett Waddingham |
116% |
121% |
+4% |
| Warwickshire |
Hymans |
104% |
132% |
+27% |
| West Midlands |
Hymans |
103% |
125% |
+21% |
| West Sussex |
Hymans |
125% |
162% |
+30% |
| West Yorkshire |
Aon |
109% |
113% |
+4% |
| Wiltshire |
Barnett Waddingham |
103% |
106% |
+3% |
| Worcestershire |
Hymans |
101% |
127% |
+26% |
