Issue - meetings

URGENT BUSINESS

Meeting: 11/12/2018 - Pensions Committee (Item 91)

91 PUBLIC SERVICE PENSIONS ACT 2013 - SECTION 13 pdf icon PDF 233 KB

Additional documents:

Minutes:

The Committee received the Executive Summary Review of the Actuarial Valuations of Funds as at 31 March 2016 Pursuant to Section 13 of the Public Service Pensions Act 2013.

 

The overall summary of the findings were:

 

·                89 funds were tested out of 91 LGPS funds (due to incomplete or missing data).

·                70 received green flags on all solvency and long term cost efficiency measures.

·                20 amber flags and 2 red flags allocated in total (14 amber flags in the solvency criteria – which included an amber flag for insolvency for Havering); 2 red flags under the solvency criteria; and 6 amber flags under the long term cost efficiency criteria.

 

The Council’s actuaries had commented that the amber flag for insolvency was the only flat raised, therefore, it could be inferred that GAD had agreed with their actuary that the investment and contribution plans were suitable.

 

RESOLVED:

 

That the Committee:

 

i)             Noted the results of the report produced by GAD as attached as Appendix A, B and C.

ii)            Noted the Actuarial firms joint letter to Ministry of Housing, Communities and Local Government and Scheme Advisory Board as attached as Appendix D.