Issue - meetings

To consider and confirm the assumptions and policies outlined in the report

DECISION:

·         To accept and confirm the assumptions and policies in the (draft) Funding Strategy Statement.

·         To approve the Funding Strategy Statement (draft) for consultation will all Fund employers

Submitted - the report of the Investment Manager explaining the requirement for the Fund to review the Funding Strategy Statement every three years, after the triennial valuation, it was proposed to publish the Funding Strategy Statement by 31 March 2023.

It was noted that the main purpose of the statement was to reflect on the valuation factors and balance the employers' affordability with the fund's long-term solvency objectives. The statement (draft) was submitted for the Committee to confirm the assumptions and policies to release the statement for consultation with all employers before adopting then formally at the next committee meeting.

It was explained that the document was based on the actuarial valuation. It was reiterated that the employers had received a presentation from the actuary in October when it was stated that the results were generally positive with the majority of employers witnessing a small reduction in their contributions. 

It was reported that this lengthy and technical document had been prepared in detailed consultation with Hymans and the fund's officers. Reference was made to the statement and the accompanying policies. It was explained that the accompanying policies were usually incorporated in the document, but it had been agreed, with Hymans' approval, to include a reference to the policies in the strategy, but that they should be available separately and therefore easier to find / amend should there be a need to access the information or update policies without having to amend the entire strategy.

Thanks were expressed for the report.

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

·         Although it was a lengthy and technical document, the content was details and had been set out in an easy-to-follow style.

·         The language used was clear

RESOLVED:

·         To accept and confirm the assumptions and policies in the (draft) Funding Strategy Statement.

·         To approve the Funding Strategy Statement (draft) for consultation will all Fund employers