Issue - meetings

The Committee had before it a report by the Head of Finance which provided details of the initial results of the triennial valuation for the North East Scotland Pension Fund (NESPF) and the Aberdeen City Council Transport Fund (ACCTF) as at 31 March 2017, which had been carried out by the scheme actuary.  The report also provided an initial view of the 2017 Funding Strategy Statement for each Fund.

The report recommended:-

that Committee –

(a)       note the initial valuation results of both Funds, as at 31 March 2017;

(b)       note the draft Funding Strategy Statement (FSS) for both the NESPF and ACCTF, including the assumptions recommended by the scheme actuary to determine the value placed on the Fund liabilities as at 31 March 2017, and the individual employer contribution rates payable from 2018/19;

(c)       instruct the Head of Finance to carry out a full consultation on the FSS as required by the scheme regulations and provide a report on the consultation outcome to the March Pensions Committee;

(d)       note the intention to disaggregate the remaining employer groupings within the Fund; and

(e)       note the remainder of the report.

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.