Funding Strategy Statement
Decision Maker: Pension Fund Committee
Decision status: Recommendations Approved
Is Key decision?: No
This report sets out the Fund's revised
Funding Strategy Statement following the results of the 2019
valuation and recent consultation on the draft Funding Strategy
A report was presented on the revised Funding Strategy Statement for the Lancashire County Pension Fund which incorporated the requirements set out in the Investment Strategy Statement and took account of comments received during the recent consultation period.
In considering the report the Committee noted a typographical error under 'Actuarial Assumptions' where the text should read that the real return over CPI inflation for determining the past service liabilities is 1.4% per annum and for determining the future service ("Primary") contribution rates is 2.15% per annum.
Resolved: That, subject to the amendment of the text under 'Actuarial Assumptions' to show that the real return over CPI inflation for determining future service contribution rates is 2.15%, the revised Funding Strategy Statement, as set out in the Appendix to the report presented, is approved.
Report author: Colin Smith
Date of decision: 06/03/2020
Decided at meeting: 06/03/2020 - Pension Fund Committee