discount rate
Councils are currently assessing how changes in the discount rate are impacting their pension fund funding levels.
Harrow's Pension Fund funding level fell to 100% by March 2026, from 108% in March 2025, as a decrease in the real discount rate from 3% to 2.4% increased liabilities. The Pension Board reviewed this estimated position in July 2026, noting the fund's assets and liabilities both stood at £1.15 billion.
In contrast, Hammersmith and Fulham's Pension Fund reached a 113% funding level by March 2025, up from 105% in 2022. This improvement was partly attributed to an increase in the discount rate to 5.3% from 4.6%, alongside robust investment returns. The Pension Fund Committee received the latest triennial actuarial valuation in March 2026.
There are no upcoming meetings currently scheduled to discuss the discount rate. The discount rate is a key actuarial assumption used to calculate the present value of future pension liabilities, influencing the reported funding level of pension schemes.
Key facts
- Harrow Pension Fund's funding level was 100% as of March 31, 2026. Source
- Harrow's real discount rate decreased from 3% to 2.4%. Source
- Hammersmith and Fulham Pension Fund achieved a 113% funding level by March 2025. Source
- Hammersmith and Fulham's discount rate increased to 5.3% from 4.6%. Source
- Harrow's Pension Board reviewed the estimated funding position in July 2026. Source
About this summary
This summary was written automatically from our published stories and the council meeting records they draw on. It describes what councils have discussed and decided; it does not take a view on any decision. Each key fact links to the story it comes from. Updated 30 September 2026. Spotted a mistake? Email community@opencouncil.network.