Issue - meetings

Report of Chief Officer (People and Resources)

(a)       That  the estimated funding level and the liability hedging undertaken to 30 September 2015 be noted; 

(b)       That the review of the overall funding framework in the run up to the full 2016 actuarial valuation, and the funding level improvement to c.64%, be noted.

Paul Middleman, Fund Actuary - Mercer, introduced a report to provide an update on the funding position and liability hedging undertaken as part of the Flight-path strategy for managing liability risks.

Mr. Middleman advised that the monthly summary report from Mercer on the funding position and an overview of the liability hedging mandate as at 30 September 2015 was appended to the report.   He gave a verbal update on developments since the last meeting of the Committee and referred to the main considerations which were detailed in the report.  

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RESOLVED:

(a)       That  the estimated funding level and the liability hedging undertaken to 30 September 2015 be noted; 

(b)       That the review of the overall funding framework in the run up to the full 2016 actuarial valuation, and the funding level improvement to c.64%, be noted.