The Funding Strategy Statement was presented to the Authority by Steven Scott of Hymans Robertson.

The Authority worked with the fund’s actuary, Hymans Robertson, to prepare this FSS which is effective from 17th March 2023.

The funding strategy objectives are to:

·         Take a prudent long-term view to secure the regulatory requirement for long-term solvency, with sufficient funds to pay benefits to members and their dependants

·         Use a balanced investment strategy to minimise long-term cash contributions from employers and meet the regulatory requirement for long-term cost efficiency

·         Where appropriate, ensure stable employer contribution rates

·         Reflect different employers’ characteristics to set their contribution rates, using a transparent funding strategy

·         Use reasonable measures to reduce the risk of an employer defaulting on its pension obligations.

Councillor Weatherall asked when the strategy takes effect.

The Director confirmed it would be effective immediately from the Members accepting it.

Resolved: Members approved the revised Funding Strategy Statement.