Issue - meetings

Report of Chief Officer (People and Resources)

That the report and the intention to submit regular update reports be noted.

Paul Middleman, Fund Actuary - Mercer, introduced a report to provide an update on the actuarial valuation project, including key milestones, communications with employers and other events. 

Mr. Middleman explained that this was the first of anticipated regular reports to be submitted to the Committee until the conclusion of the project.  He provided background information and advised that legislation required that every three years an actuarial valuation was performed by the Fund Actuary to assess the overall funding position of the Fund and determine the employer contributions for the following three years.  The effective date of the actuarial valuation is 31 March 2016 and the employer contributions that will be certified by the Fund Actuary will be for the three year period 2017/2020.  Mr. Middleman advised that this would be the first actuarial valuation completed under the new Public Service Pensions Act 2013 (PSPA) which requires the Government’s Actuary’s Department (GAD) to undertake its own valuation of the aggregate LGPS on behalf of HM Treasury and the DCLG/Scheme Advisory Board at the same date.

Mr. Middleman reported on the main considerations as detailed in the report and advised that the valuation project was generally split into initial planning and strategy, data provision and actuarial calculations, finalising results, and formally certifying contribution requirements.  He drew attention to the timeframes as outlined in paragraph 3.02 of the report.

Karen McWilliam emphasised the need for Committee members to have dedicated training on valuation.  It was agreed that Mrs. McWilliam would liaise with Officers and members of the Clwyd Pension Fund Committee and the Clwyd Pension Fund Board to determine a suitable date and venue.

RESOLVED:

That the report and the intention to submit regular update reports be noted.