Issue - meetings
Funding and Flight Path Update
Meeting: 16/02/2017 - Clwyd Pension Fund Committee (Item 61)
61 Funding and Flight Path Update 
PDF 106 KB
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:
Committee noted the report and progress of the various elements of the risk management framework.
Minutes:
Mr Middleman explained the report on the funding and risk management framework.
Main additional points were as follows:
· there were no concerns on risk management and all measures were rated “green”
· The LDI mandate has increased significantly in value so the intention is to release collateral back into the portfolio to rebalance the holding back to closer to the benchmark level. This had been estimated to be c£60m but the level will be reviewed before implemented.
· The LDI restructuring agreed at the last PFC has not yet been implemented as the gain has not been over the £25m threshold. This will be monitored and implemented when (and if) market conditions are favourable enough.
· The implementation of the Equity protection is ongoing and the PFC will be updated at future meetings.
RESOLVED
(a) Committee noted the report and progress of the various elements of the risk management framework.