The Head of the Pensions Administration introduced a report of the Director of Pensions which informed Members of the Actuary’s 2022 actuarial valuation based on membership and cashflow data provided by the Fund at 31 March 2022. It was noted that the market value of assets at the valuation date was around £11 billion, giving a funding level of 106% with an associated surplus of £639m and an average employer future service cost of 18.5% of pay. Alongside this, a comparison of valuation results in 2019 and analysis was provided. Members were asked to note that the final actuarial outcome will be certified following finalisation of the Funding Strategy Statement and Investment Strategy Statement.

Considering both the Draft FSS and the 2022 Actuarial Valuation, Members discussed the long-term impact on costs, noting that fewer scheme members are opting to take a maximum lump sum payment when retiring. Members also praised the healthy position of the Fund despite recent challenges.

Resolved – That the valuation basis be approved and authorisation be given to the Fund Actuary to certify the final valuation report containing employers’ contributions payable for the period 1 April 2023 to 31 March 2026.