Issue - meetings

Debbie Ford presented the 2016 Actuarial Valuation Draft Report to the Pensions Committee.  This had been prepared by the Fund’s actuary in accordance with Regulation 62 of the Local Government Pension Scheme Regulations, 2013 using the data supplied with assumptions applied and rates set as a result.

The report details the assumptions which had been agreed by the Council’s s151 Officer at the time, Andrew Blake-Herbert.

The report sets out the actuarial valuation of the assets and liabilities of the Pension Fund as of 31^st March, 2017.

This report is a statutory report which must be published by 31^st March, 2017 before which the actuaries will sign off the document.

The funding level of the Fund has improved since the last valuation in 2013 which was then at 61% but is now at 67%.  Contributions are collected from employers at 22% via payroll.

An extra £11 million was agreed as a lump sum payment and this has been allowed for in the Capital Strategy.

It was noted that salary growth is currently restricted but salary increases have been projected over a 20 year period which also takes account of scale increases which continue to be applied even in the absence of pay increases.  The projection amounts to 2.4% over the twenty year period.  Scale increases are at present automatic but under the new terms and conditions these will be based on developmental and performance related progression.

The Pension Committee:

Noted the DRAFT 2016 Actuarial Valuation Report presented at Appendix A of the agenda.

The final report will be attached to the minutes of the meeting.