Issue - meetings
Employer Flexibilities and Funding Strategy Statement
Meeting: 23/03/2021 - Clwyd Pension Fund Committee (Item 137)
137 Funding Strategy Statement - Policy Updates 
PDF 111 KB
To provide Committee Members with an update to
policies within the Funding Strategy Statement as a result of new
employer flexibility provisions and approve the draft policies for
inclusion in the FSS and consultation with employers.
Additional documents:
- Appendix 1 for Funding Strategy Statement - Policy Updates, item 137
PDF 65 KB
- Appendix 2 for Funding Strategy Statement - Policy Updates, item 137
PDF 72 KB
- Appendix 3 for Funding Strategy Statement - Policy Updates, item 137
PDF 173 KB
Decision:
(a) The Committee approved the draft policies for inclusion in the FSS and consultation with employers.
(b) The Committee delegated final minor changes, following consultation, to be made by the Head of Clwyd Pension Fund and Deputy Head of Clwyd Pension Fund, with any substantive changes being brought back to Committee for consideration.
(c) The Committee agreed the updates to the Delegation of Functions, attached in Appendix 3.
Minutes:
Mr Latham noted that there were two key policy updates regarding changes to the regulations, which related to additional flexibilities around employer exit payments and reviewing employer contributions. The Funding Strategy Statement (FSS) had been updated in line with the changes in regulations and was required to go to consultation with employers. Despite the Fund not having many employers that can exit due to their statutory nature, Mr Latham emphasised the importance of having the policies in place especially as employers themselves can request a review of their contributions.
Mr Latham also noted that the Committee report and appendices included further information on the scheme of delegation which had been updated to incorporate the new policies, as well as a proposed process if employers appeal against the initial decision made on these flexibilities.
Mr Middleman noted the key points for consultation in paragraph 1.03 and 1.09 of the report where employer input is important.
RESOLVED:
(a) The Committee approved the draft policies for inclusion in the FSS and consultation with employers.
(b) The Committee delegated final minor changes, following consultation, to be made by the Head of Clwyd Pension Fund and Deputy Head of Clwyd Pension Fund, with any substantive changes being brought back to Committee for consideration.
(c) The Committee agreed the updates to the Delegation of Functions, attached in Appendix 3.