A report was presented regarding the Actuary's final funding report on the 2016 actuarial valuation on the Lancashire County Pension Fund.
In considering the report the Board recognised that the Fund was able to withstand an element of risk in order to meet the deficit as indicated by the minimum risk funding position. It was also suggested that the increase in the primary contribution rate related to one off costs in establishing LPP and that the Fund had performed well over the year.
Resolved: That the detail set out in the Actuary's final funding report on the 2016 actuarial valuation on the Lancashire County Pension Fund is noted.