The report of the Director, West Yorkshire Pension Fund (Document “F”) will be submitted to provide Members with details of the next triennial actuarial valuation of the Fund.  It will be prepared based on the situation at 31 March 2022, and will determine the level of employers’ contributions from April 2023 onwards.

Recommended –

That the report be noted.

(Caroline Blackburn – 01274 434523)

Resolved –

That the report be noted.

Action: Director, West Yorkshire Pension Fund

The report of the Director, West Yorkshire Pension Fund (Document “F”) was submitted to the Joint Advisory Group to provide Members with an update on the work undertaken for the scheduled Actuarial valuation.  The valuation carried out by the appointed actuary was intended to assess the financial position of the fund as at 31 March 2022, determine employer contributions and to ensure compliance with regulations in relation to the actuarial valuation.

Officers advised that the Terms of Reference had been agreed with the actuary and indicated that there was a slowdown in improvements since the last valuation.  All data had been sent to the Actuary and was being processed with data validation work to follow.  It was anticipated to have preliminary results by September or October 2022.  Final assumptions would be agreed in October with new employer rates effective from April 2023.

Resolved –

That the report be noted.

Action: Director, West Yorkshire Pension Fund