The Head of Pensions Administration introduced a report of the Director of Pensions which provided Members with MPF’s Draft Funding Strategy Statement (FSS) for 2022. Members were asked to consider the actuarial assumptions adopted, deficit and surplus recovery plans and the policies within the FSS. Whilst it was noted that funding position at this valuation was considered positive, the key communication that had arisen from the valuation was for employers to balance contribution affordability versus sustainability given the global economic and inflationary outlook post valuation date. It was noted that a consultation with employers took place on the key changes to the FSS from 31 October to 2 December 2022. 

Resolved – That

1.  The Draft Funding Strategy Statement be approved

2.  Refinement of the final version be delegated to the Director of Pensions and the Fund Actuary within the statutory deadline of 31 March 2023, following due consideration of the employer consultation and final valuation results.