Issue - meetings
Funding and Flight Path update
Meeting: 20/09/2017 - Clwyd Pension Fund Committee (Item 84)
84 Funding and Flight Path update 
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To update Committee members on the progress of
the funding position and liability hedging undertaken as part of
the Flight Path strategy for managing liability risks
Additional documents:
Decision:
1. The Committee noted the updated funding and hedging position for the CPF and the progress being made on the various elements of the Risk Management Framework.
Minutes:
Mr Middleman gave a brief overview of the FlightPath and noted that he would expand further on the various elements of the framework over the coming meetings as a follow on from the recent training. The primary objective of the FlightPath is to achieve a fully funded position and more stable contribution requirements for the employers. Risk management is key to this and the level of hedging is important as the various “triggers” are intended to provide more stable outcomes. The level of hedging is ahead of where we expected to be when set up in 2014. This hedging is to give more stable return outcomes.
The key message is that the Fund is well ahead of target currently so maintaining this position has been the focus of the recent implementation of the equity protection in the Insight mandate.
Cllr Llewelyn Jones noted that a small reduction in the investment return gives reasonably big reduction in the funding level. It was agreed that this can be expanded on at the next Committee meeting.
RESOLVED:
1. The Committee noted the updated funding and hedging position for the CPF and the progress being made on the various elements of the Risk Management Framework.