Report of Deputy Chief Executive and Director for Corporate Services and presentation by Hymans Robertson
The Committee received a presentation from Hymans Robertson (Hymans) which focussed on the results of the Actuarial Valuation of the Fund at 31 March 2022 and the impact on the contribution levels for the different types of Employers in the Fund. It also highlighted the review of the current Funding Strategy Statement (FSS) that had been undertaken as part of the 2022 Actuarial Valuation.
Employer Contribution Levels
The presentation focussed on:
Funding Strategy Statement Review
As required by Regulation, a full review of the current FSS had been undertaken as part of the 2022 Actuarial Valuation. Whilst there had been no significant changes to the funding strategy as part of the 2022 Actuarial Valuation of the Fund, the opportunity to make some changes to the FSS, recommended by the Actuary, had been taken. The new draft FSS included separate and updated policies on:
Other main changes highlighted included:
The new draft FSS was open for a period of consultation with all stakeholders and interested parties until 31 January 2023. Employers had been advised of the revised FSS when results schedules were distributed, but a reminder had been sent directly to all Employers and a further note would be included in the Employer Focus Newsletters for December and January 2023. The Committee was asked to approve that the final version of the FSS be signed off by the Director of Finance (Under the new Senior Leadership Team structure, in effect from 12 December 2022), in consultation with the Chair. Members were informed that should there be any significant changes required because of the consultation, these would be presented to the Pensions Committee for approval at the meeting on 31March 2023 before the final FSS is published.
Resolved: a. That the content of the presentation from Hymans Robertson, attached at Appendix 2 of the report, outlining the results of the Actuarial Valuation of the Fund at 31 March 2022, and its impact on the contribution levels for the different groups of Employers in the Fund, be noted.
b. That the draft Funding Strategy Statement (FSS), attached as Appendix 3 of the report, and the revisions to the format and content of the FSS, outlined in this report and referred to by Hymans in their presentation, be noted.
c. That it be agreed that, subject to there being no significant comments received as part of the consultation with stakeholders, the Final version of the FSS be signed off by the Director of Finance (Under the new Senior Leadership Team structure, in effect from 12 December 2022), in consultation with the Chair.