Issue - meetings

Consideration was given to the report of Debbie Ford, Pension Fund Accountant, who detailed the salient aspects to the Committee.

Ms Ford indicated that the Funding Strategy Statement (FSS) was a statutory statement prepared in accordance with Regulation 58(4) Local Government Pension Scheme Regulations 2013 as amended.  It sets out the objectives of the Borough, in its capacity as Administrative Authority, for the funding of the London Borough of Havering Pension Fund. The Statement applies to all employers participating in the Fund.

The statement attached at Appendix 1 of the agenda is the Draft Statement for agreement by the Committee which has been distributed for comment to all participating employers in the Fund.  The closing date for the consultation was 10^th February, 2017.  No comments had been received from other employers in the fund.

The final statement will be published and will take effect as of 1^st April, 2017, being the second version of the FSS since the implementation of the 2013 LGPS regulations.

The FSS has been produced in consultation with The Fund’s actuary Hymans Robertson under the regulations and in accordance with the guidance published by CIPFA.

On agreement, the FSS will be updated and published on the Councils website.  It will also be appended to the minutes of the meeting.

It was noted that all of the reports under discussion at the meeting were linked and that there were no significant changes in the FSS other than formatting which is slightly changed in accordance with the revised guidance.

The Pensions Committee:

 Agreed the Funding Strategy Statement.