25 ACTUARIAL VALUATION 2019 AND CONSULTATION ON THE DRAFT FUNDING STRATEGY STATEMENT 
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The report of the Director, West Yorkshire Pension Fund (WYPF),
(Document “Q”) advises Members that the next triennial Actuarial valuation of the West Yorkshire Pension Fund is being prepared based on the situation at 31 March 2019 and will determine the level of employers’ contributions from 1 April 2020 to 31 March 2023.
Recommended –
1. That the report be noted.
2. That the draft Funding Strategy Statement be approved.
(Caroline Blackburn – 01274 432317
Additional documents:
Decision:
Resolved –
1. That the report be noted.
2. That the draft Funding Strategy Statement be approved.
ACTION: Director, West Yorkshire Pension Fund
Minutes:
The report of the Director, West Yorkshire Pension Fund (WYPF),
(Document “Q”) advised Members that the next triennial actuarial valuation of the West Yorkshire Pension Fund was being prepared based on the situation at 31 March 2019 and would determine the level of employers’ contributions from 1 April 2020 to 31 March 2023.
Document “Q” revealed that, based on the situation at 31 March 2019, the fund was in surplus and that the five large Councils within the fund would receive a slight reduction in contributions.
The Draft Funding Strategy Statement (with tracked changes) was appended to the report together with a summary of comments received from the draft Funding Strategy Statement (FSS) consultation process.
A Member referred to previous concerns about initial rates and was assured that agreement had now been reached.
That Member continued to refer to a statement contained in the identification of risks and counter-measures in the FSS regarding climate change and a previous decision of the Investment Advisory Panel. He suggested that the Joint Advisory Group (JAG) should ask the Investment Advisory Panel (IAP) to develop a policy to deal with climate change. An additional Member agreed with that suggestion and felt that the issues about climate change were not adequately addressed in the FSS. She felt that JAG’s role was to oversee such issues and requested that climate change be the subject of a future report.
The Chair reminded those Members that that the Investment Strategy was not under discussion and of the remit of the Joint Advisory Group.
A view that the FSS did not address potential risks regarding the viability of fossil fuel companies was expressed. In response assurances were provided that the Investment Advisory Panel kept the effects of climate change under review and that Investment Officers monitored all potential risks to investments.
A Member questioned pay growth assumptions contained in Document “Q” as high pay awards had not been awarded in the local government sector. In response it was explained that the assumptions were based on a forecast for the next 22 years.
Resolved –
1. That the report be noted.
2. That the draft Funding Strategy Statement be approved.
ACTION: Director, West Yorkshire Pension Fund
