Bedford Borough Council has confirmed the Bedfordshire Pension Fund was running a £79.2 million deficit at its last full valuation – but says there are no concerns over its governance or stability.
The most recent triennial valuation, as of 31 March 2022, showed that the fund was 86.6 per cent funded. Results from the March 2025 valuation are expected in the autumn, with new contribution rates coming into effect from April 2026.
Employer contributions are currently set at a primary rate of 19.9 per cent of pay plus a secondary monetary amount.
Read: Bedfordshire local pensions “in the bottom five” for funding levels
The council has also made pre-payments of pension contributions for a three-year period, recorded in its accounts and reported in the Rates and Adjustments Certificate published on the Bedfordshire Pension Fund’s website.
The council stated that no contingent liabilities have been identified over the past three years. It also stressed that “the benefits available to members are set in statute” and that governance is safeguarded.
The Bedfordshire Pension Fund is a separate legal entity, administered by Bedford Borough Council through the Pension Fund Committee, which includes representatives from Bedford Borough, Central Bedfordshire and Luton councils.
The committee takes investment strategy decisions, while governance is overseen by a Local Pension Board chaired by an independent member.
These meetings are held in public, and minutes are available on the council’s website.
Contribution levels are set every three years and must be agreed with the fund’s actuary, Barnett Waddingham. The fund is also required to demonstrate to the Government Actuary that it is making progress towards being fully funded.
By John Guinn
Local Democracy Reporter
