Issue - meetings

(a)       That the update be received; and

(b)       That progress on the 2016 actuarial valuation be noted. 

Nigel Thomas  (representing the Fund Actuary – Mercers), introduced a report to provide an update on the key issues affecting the LGPS as at May 2016.  Mr. Thomas explained that an update on the LGPS specific and wider pensions issues affecting the whole of the industry was provided in the appendix to the report.  He gave a brief overview of the main points and, in particular commented on the forthcoming European Union referendum and Public Sector exit payments.

Mr. Thomas recommended that members noted the following:

·         update following the 2016 Budget in March

·         2016 actuarial valuation

·         Code of Practice update on incentive exercises and the valuation presenting an opportune time to explore this

·         LGPS Scheme Advisory Board and sub committees

The Pensions Fund Manager also drew attention to the update provided on the New Fair Deal. 

RESOLVED:

(a)       That the update be received; and

(b)       That progress on the 2016 actuarial valuation be noted.