Actuarial valuation 2017
The Committee received the preliminary results of the actuarial valuation as at 31 March 2017 which indicate:
The actuary confirmed that the funding objective can be met if the employer contribution rate for our main employers is held at the current rate of 19.3% (of pensionable payroll). 19.3% will remain the rate for our main employers from 1 April 2018 for 3 years.
Employers not in the main group pay contribution rates individual to their own circumstances. These will be advised to employers during December.
Based on these results, the Committee approved a draft Funding Strategy Statement for consultation.
The Committee approved 2 new investment proposals for the Strathclyde Direct Investment Portfolio:
The Fund's total return for the quarter ending 30 September 2017 was +1.9% compared to the FTSE World index return of +1.7%.
The Fund's value as at 30 September 2017 was £20,428m.
The Fund's value as at 31 October 2017 was £20,813m.
The Committee approved a project to reconcile and correct Guaranteed Minimum Pension (GMP) values.
Two new employers have joined the Fund: Live Argyll and Enable Glasgow.
The Committee also noted audit, financial and risk register reports.