Issue - meetings

UPDATE ON 2022 ACTUARIAL VALUATION

Meeting: 16/12/2022 - Local Pension Board (Item 11)

11 UPDATE ON 2022 ACTUARIAL VALUATION pdf icon PDF 361 KB

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Minutes:

The Head of the Pensions Administration introduced a report which informed members of the Board 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. The Board were asked to note that the final actuarial outcome was to be certified following finalisation of the Funding Strategy Statement and Investment Strategy Statement.

 

Discussing both items 10 and 11 together, members noted that the Draft FFS and Actuarial Valuation represented a very positive approach and position for both the Fund and Employers, and the positive relationship between the Fund and employers was praised.

 

Resolved – That the report be noted.