Issue - meetings

[To provide an overview of the proposed changes to the Funding Strategy Statements following the release of LGPS Amendment Regulations]

Simon Taylor, Head of Pensions asked that recommendation 1 in the published report be withdrawn as the Fund had extended consultation on the Funding Strategy Statement (FSS).   The consultation period would end on 30 April 2019. The Head of Pensions presented the report on an overview of the proposed changes to the Funding Strategy Statement (FSS) following the release of LGPS Amendment Regulations.  He explained the main change that related to the introduction of a provision to refund a surplus to an employer upon cessation, defined as an ‘Exit Credit’.

In response to a question concerning the Exit Credits, the Head of Pensions advised that the Fund was not in surplus at Fund-level, but it did have some admitted bodies that were. He explained the  changes that would take place in the light of LGPS Amendment Regulations and the proposed FSS.  Rachel Brothwood, Director of Pensions expanded the discussion on ‘pass through arrangements’ that would be introduced in response to the Exit Credit legislation.

Resolved:

1.     That authority be delegated to the Director of Pensions to finalise the Funding Strategy Statement and attaching Termination Policy, in consultation with the Chair of Pensions Committee, following the completion of the consultation with participating employers.

2.     That the request to provide comment on the proposed changes to the Funding Strategy Statement and attaching Termination Policy as part of the consultation process be noted.