Issue - meetings

RESOLVED:

(a)  The Committee noted this report on the outcomes and the progress being made with the actuarial valuation project.

            Mr Middleman gave a brief update on the 2019 Actuarial Valuation. He stated that everything has been going well so far and that Mercer are in the process of agreeing final contributions with employers. The Funding Strategy Statement (FSS) consultation feedback period finished on 15 November, therefore feedback from employers is being collated and will be brought back to the February Committee for final sign off of the FSS.

            A key discussion point has been the allowance for the McCloud judgment. The latest update on the McCloud judgment is that any remedy will not be known until April 2021 at the earliest. Mr Middleman suspected it will be later but that it will be in time for the next actuarial valuation in 2022.

            A key aspect however is the administration work needed to implement the changes which is expected to be significant.  He strongly recommended that Funds discuss with employers and request member data for members who are affected by the McCloud judgment. The administration team will need to put this on the agenda now to give sufficient lead in time.  Mrs Williams noted it was already high on the agenda for the team.

RESOLVED:

(a)  The Committee noted this report on the outcomes and the progress being made with the actuarial valuation project.