Issue - meetings

ACTUARIAL VALUATION 2019

Meeting: 31/01/2019 - West Yorkshire Pension Fund Joint Advisory Group (Item 29)

29 ACTUARIAL VALUATION 2019 pdf icon PDF 76 KB

The report of the Director, West Yorkshire Pension Fund, (Document “R”) advised Members that the next triennial actuarial valuation of the Fund will be prepared based on the situation at 31 March 219 and will determine the level of employers’ contributions from April 2020 onwards.

 

Recommended –

 

That the report be noted.

 

(Caroline Blackburn – 01274 434523)

Decision:

Resolved –

 

That the report be noted.

 

ACTION:       Director, West Yorkshire Pension Fund

 

Minutes:

The report of the Director, West Yorkshire Pension Fund, (Document “R”) advised Members that the next triennial actuarial valuation of the Fund would be prepared based on the situation at 31 March 2019 and would determine the level of employers’ contributions from April 2020 onwards.

 

The report provided Members with a summary of the proposed approach to the actuarial valuation at 31 March 2019 by the Fund’s actuary.  It was explained that additional information would be available at the next meeting scheduled to take place on 25 July 2019.

 

A detailed presentation was provided by representatives of the Fund’s Actuary, Aon Hewitt Limited, and detailed the valuation process, the funding strategy and the outlook for the 2019 valuation.

 

The presentation revealed that the aim was for a valuation result with a minimal contribution change while keeping the funding risk at an acceptable level. The preferred primary tool for adjustment to achieve the acceptable level of contributions was the assumed rate of investment return.  A Member suggested that the phrase be amended in that statement as the investments would not be changed.  In response it was clarified that the primary tool for adjustment referred to the discount rate which could be amended. 

 

Resolved –

 

That the report be noted.

 

ACTION:       Director, West Yorkshire Pension Fund