Issue - meetings

The Board is asked to consider the following report by the Director of Finance and Support Services which went to the Pensions Panel on 24 July 2019.

25.1   The Board received a report by the Director of Finance and Support Services (copy appended to the signed minutes).

25.2   Rachel Wood introduced the report and explained that the Funding Strategy Statement had been considered at the 24 July Pensions Panel meeting.  The Pensions Panel had also received a presentation from the actuary which was similar to the actuary presentation at the AGM.

25.3   Rachel Wood highlighted the comments on page 164 which were from employers as part of the consultation exercise.

25.4   The Board made comments including those that follow.

•      Queried the powers the actuary had to perform interim valuations to amend contribution rates.  – Rachel Wood explained that the actuary could currently use this power for specific instances in order to manage employer risks.

•      Asked who would pay for the interim valuations if available.  – Rachel Wood explained that employers would be charged for the costs for specific actuary work.

25.5   Resolved – That the Board notes the Funding Strategy Statement.