Issue - meetings
Funding and Flight Path Update
Meeting: 24/05/2016 - Clwyd Pension Fund Committee (Item 13)
13 Funding and Flight Path Update 
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To update Committee Members on the funding
position and liability hedging undertaken as part of the Flight
Path strategy for managing liability risks.
Additional documents:
Decision:
(a) That action is required to review the funding framework (including overall return expectations) as part of the 2016 valuation of the Fund ; and
(b) That a review of the flightpath and liability hedging strategy be carried out in conjunction with the actuarial valuation.
Minutes:
Nigel Thomas, representing the Fund Actuary - Mercer, introduced a report to provide an update on the funding position as at 30 April 2016 and an overview of the hedging mandate implemented to date.
Mr. Thomas reported on the key issues, as detailed in the report, concerning the funding positon and level of hedging. He drew attention to page 163 of the report and commented on the estimated funding level and deficit as at 30 April 2016. He advised that a review of the flightpath framework and funding assumptions were being considered as part of the 2016 actuarial valuation. This was expected to have a positive effect on the funding position based on preliminary discussions.
RESOLVED:
(a) That action is required to review the funding framework (including overall return expectations) as part of the 2016 valuation of the Fund ; and
(b) That a review of the flightpath and liability hedging strategy be carried out in conjunction with the actuarial valuation.