Issue - meetings

To consider the report, note and provide any comments on the Section 13 exercise and the paper produced by Hymans Robertson.

To accept the report for information

The Fund Director submitted a report, setting the background and purpose of Section 13 of the Public Services Pensions Act 2013, which made it mandatory for a report to be published on the valuation of the 91 Local Government Pension Funds in England and Wales every three years.

It was highlighted that the Levelling Up, Housing and Communities Department had appointed the Government's Actuary Department to undertake the exercise of scrutinising the results of the 2019 valuations across the UK funds, and for their conclusions to be published in December 2021. It was reiterated that the Gwynedd Pension Fund had met all criteria of the Section 13 valuation without any amber or red flags being raised or concerns requiring the Committee's attention being highlighted - this news was positive and very encouraging.

Malcolm Stanley from Hymans Robertson was invited to give an independent update to the Committee on the practice and submit and explain the results of the Gwynedd Fund. He noted in his presentation that the Gwynedd Fund was in a good position, and that there were no concerns about the funding of the scheme.

The members gave thanks for the report and thanked Malcolm Stanley for attending.

During the ensuing discussion, the following observations were made by members:

·         That the presentation to explain the figures was to be welcomed.

·         That the method of 'setting the position' of the fund was inconsistent - there was a need to consider the highest or lowest position, and not a combination of both.

·         That the result gave the Committee assurance as it moved on to the next valuation.

RESOLVED to accept the report for information.