Issue - meetings
Funding Strategy Statement
Meeting: 21/03/2017 - Clwyd Pension Fund Committee (Item 70)
70 Funding Strategy Statement 
PDF 91 KB
To provide Committee Members with the Funding
Strategy Statement for approval
Additional documents:
Decision:
1. The Committee noted the activity since July 2016 meeting and the consultation carried out.
2. The Committee approved the final Funding Strategy Statement.
Minutes:
Mr Middleman noted that the final FSS document was the culmination of a 12 month valuation process and thanked the officers for their assistance and support in arriving at a good outcome.
The consultation process ended on 9 December and the final valuation report needed to be signed off on or before 31 March.
Key points/changes since the previous draft were:
1. An internal insurance arrangement for ill health costs was being implemented and the detail was being finalised.
2. Average deficit recovery period will be 15 years, which is 3 years shorter than that adopted previously.
3. All related policies are now included which aids clarity for employers.
Mr Owen thanked the Actuary and officers for the engagement with employers throughout and it was particularly good to have had a series of meetings so that each stage of the process and decision making was clear and transparent. This open process allowed employers to plan effectively.
RESOLVED:
(a) The Committee noted the activity since July 2016 meeting and the consultation carried out.
(b) The Committee approved the final Funding Strategy Statement.