Funding Strategy
Local Authority Pension Funds are required to carry out a full actuarial valuation every third year. The following note summarises the 2004 valuation of the Fund.
The 2004 Valuation
Funding Strategy Statement
Local Authority Pension Funds are required to prepare, publish and maintain a Funding Strategy Statement.
The Statement sets out the strategy that has been adopted for the actuarial valuation of the Fund and for subsequent actuarial work. We consulted with the employers, the actuary and the investment advisor when we prepared this strategy.
The Strategy and Statement have been prepared with regard to the content of our Statement of Investment Principles (SIP) and in line with guidance produced by the Chartered Institute of Public Finance and Accountancy (CIPFA).
The Statement is set out under the following broad headings:
* The Purpose of the Statement
* Consultation
* The purposes and aims of the Fund
* The responsibilities of key parties
* Solvency
* Funding Strategy
* Identification of risks and counter measures
* Links to the investment policy as set out in the SIP
* Future monitoring
The Statement was a new requirement of the Local Government Pension Scheme (LGPS) in 2005. The first version had to be produced by 31 March 2005.
Pensions Committee approved the first Statement on 9 February 2005.
Funding Strategy Statement - September 2005 Update (PDF - 224.80KB)
Funding Strategy Statement - Supporting Information for Employers (PDF 96.73KB)
The Statement is reviewed regularly. Pensions Committee approved the most recent Statement on 4 February 2008.
Funding Strategy Statement - February 2008 (PDF 166KB)
Approach To Grouping
The following note sets out the approach to grouping employers for the purposes of the triennial valuation and for terminal valuations.
Approach To Grouping (PDF - 92.9KB)