The agenda, reports and minutes of today's meeting of the Strathclyde Pension Fund Committee are now available.
The Committee received EY's draft report on their audit of SPF's 2023 Annual Report. Audit procedures have still to be completed but EY anticipate issuing an unqualified opinion.
The Committee approved the audited annual accounts for signature, subject to conclusion of the audit by EY.
The Committee reviewed the preliminary results of the Fund's actuarial valuation as at 31st March 2023.
The funding level had increased to 147%, its highest level ever.
The Committee approved a Funding strategy which includes an employer contribution rate for the Main Employer Group of:
- 6.5% (of pensionable payroll) from 1st April 2024
- 6.5% (of pensionable payroll) from 1st April 2025
- 17.5% (of pensionable payroll) from 1st April 2026
Individual results schedules will be issued to all employers in November.
As at 30th June 2023:
- Total membership had increased to 277,091
- Total asset value had increased to £28,063 million