Decision details

Mr J Livesey from the Funds Actuary presented a report in relation to the detailed valuation of the Fund based on the assets and liabilities at 31 March, 2016. Additional information in relation to the valuation was circulated at the meeting.

In considering the Valuation the Committee explored the way in which the Fund would achieve both the bridging of the deficit within the Fund and a sustainable contribution plan for employers. Clarification was sought in relation to some of the information circulated at the meeting and it was agreed that, subject to any minor amendments which may be required as a result, the proposals set out in the Appendix to the report be approved in order that they could be discussed further with stakeholders and if approved form the core of the Funding Strategy Statement which the Fund was required to produce after each Valuation.

A copy of the amended Appendix is set out in the Minute Book.

Decision taken:

1.  That the results of the actuarial valuation are noted.

2.  That, subject to any minor amendments which may be required to clarify the additional information presented at the meeting, the measures in relation to the setting of contribution rates set out in Appendix 'A' to the report presented are approved for consultation with stakeholders as part of the preparation of the Funding Strategy Statement.