Issue - meetings

The Committee had before it a report by the Director of Resources which provided details of the triennial valuation as at 31 March 2020 for the North East Scotland Pension Fund (NESPF) and the Aberdeen City Council Transport Fund (ACCTF) in advance of the sign off by the scheme actuary in March 2021.

The report advised that the draft NESPF Funding Strategy Statement was brought to Committee in December 2020 and the final version of the report along with the ACCTF Funding Strategy Statement were appended at Appendix I and Appendix III for approval.  The documents outlined the methodology and assumptions used to determine the value of the liabilities held within the Funds.  Also appended to the report were the actuarial valuation reports which certified the outcome of the valuation exercise.  It was noted that the report would be made available to all stakeholders and would be provided to the Scottish Government in accordance with the regulatory requirements.

The report recommended:-

that Committee –

(a)      approve the final Funding Strategy Statement for both the NESPF and the ACCTF which outlines the assumptions used in the calculation of the Fund liabilities for the triennial valuation as at 31 March 2020; and

(b)      note the Actuarial Valuation Reports which outline the overall results of the valuation including the funding levels for the NESPF and the ACCTF which will be the published following the sign off by the scheme actuary.

The Committee resolved:-

to approve the recommendations.

The Board resolved:-

to note the decision of the Committee.