Issue - meetings
Funding and Investment Updates.
Meeting: 25/11/2020 - Clwyd Pension Fund Committee (Item 122)
122 Funding and Investment Updates. 
PDF 124 KB
To provide Committee Members with updates of
the funding level, economic and market matters and performance of
the Fund’s Managers, and an investment review of the AVC
providers.
Additional documents:
- Enc. 1 for Funding and Investment Updates., item 122
PDF 799 KB
- Enc. 2 for Funding and Investment Updates., item 122
PDF 97 KB
- Enc. 3 for Funding and Investment Updates., item 122
PDF 630 KB
- Enc. 4 for Funding and Investment Updates., item 122
PDF 110 KB
- Enc. 5 for Funding and Investment Updates., item 122
PDF 202 KB
Decision:
(a) The Committee noted the Market and Economic update for the quarter ended 30 September 2020.
(b) The Committee noted the Investment Strategy and Manager Performance summary for the quarter ended 30 September 2020.
(c) The Committee noted the Funding and Risk Management Framework update and the outcomes of the annual health-check review.
(d) The Committee noted the outcomes from the review of the Fund’s AVC provision.
Minutes:
Mr Harkin gave a brief investment update and noted that the latest valuation of the fund (as at 31 October) was broadly unchanged but slightly lower than the position in September 2020.
Mr Hibbert asked whether the Committee could have more details on the Fund’s synthetic equity strategy, collateral waterfall and other elements of the flightpath structure. Mr Harkin and Mr Middleman confirmed that Mercer could provide further information on this at planned training sessions.
Mr Middleman confirmed that in terms of the funding position, the Fund was broadly on track in terms of where the funding position is against the 2019 actuarial valuation. The position trending down slightly from the end of September, but to date the Fund is ahead of schedule based on estimates of where the asset values are. However, there still remains uncertainty in outlook for future investment returns which could affect the Fund’s solvency position.
RESOLVED:
(a) The Committee noted the Market and Economic update for the quarter ended 30 September 2020.
(b) The Committee noted the Investment Strategy and Manager Performance summary for the quarter ended 30 September 2020.
(c) The Committee noted the Funding and Risk Management Framework update and the outcomes of the annual health-check review.
(d) The Committee noted the outcomes from the review of the Fund’s AVC provision.