38 2019 ACTUARIAL VALUATION AND CONSULTATION ON THE FUNDING STRATEGY STATEMENT 
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The report of the Director, West Yorkshire Pension Fund (Document “Y”) explains that the next triennial actuarial valuation of the 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.
The indications are that WYPF will be 106% funded compared to the situation at 31 March 2016 when it was 94% funded. As a result each of the five district councils will see a slight reduction in their employer contributions..
Recommended –
That the report be noted.
(Caroline Blackburn – 01274 432317)
Decision:
Resolved –
That the report be noted.
ACTION: Director, West Yorkshire Pension Fund
Minutes:
The report of the Director, West Yorkshire Pension Fund (Document “Y”) explained that the next triennial actuarial valuation of the 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.
It was confirmed that that at 31 March 2020 WYPF was 106% funded compared to the situation at 31 March 2016 when it was 94% funded. As a result, each of the five district councils saw a very slight reduction in their employer contributions rate which had been welcomed.
The report detailed that a consultation had been undertaken on the Funding Strategy Statement (FSS) according to the regulations and the main changes to the FSS at that time were to bring into the statement the assumptions that had been used at the valuation. All stakeholders had been consulted on the FSS and no changes had been made. The FSS had been taken to the Joint Advisory Group in January 2020 where it was approved.
Resolved –
That the report be noted.
ACTION: Director, West Yorkshire Pension Fund
