Issue - meetings

Report of the Director of Corporate Resources to:

i)                    Present the actuary’s final report on the actuarial valuation undertaken as at 31^st March 2010;

ii)                  To present the draft Funding Strategy Statement for the Committee’s approval.

TO FOLLOW

The Committee considered the report on the actuarial valuation as at 31^st March 2010 and to present the draft Funding Strategy Statement. Kevin Bartle, Lead Finance Officer, gave an overview of the report, and reported that subsequent to the report being written, Age Concern had agreed to meet the increased contribution set out by the actuary in the first year, with the position being reviewed after 12 months; this arrangement was subject to confirmation from the actuary that it was acceptable within the relevant regulations.

Further to questions from the Committee, it was confirmed that the actuary set the contribution levels for each organisation on the basis of a detailed assessment of each organisation’s individual circumstances, and that the overall contribution increases for some employers are significant. In the event that an employer is not able to meet the contribution level set by the Actuary, it was reported that the Council would need to take a decision on how to manage this situation. In response to a question regarding whether any of the scheduled and admitted bodies might find themselves in this position, it was confirmed by officers that all employers had agreed the contribution rates, however it was agreed that officers would monitor this.

RESOLVED

i)                    That the valuation report from the Fund Actuary on the 2010 valuation be agreed, subject to agreement of the Fund Actuary to the proposed approach regarding Age Concern.

ii)                  That the Committee delegate responsibility for agreeing any alteration required to the valuation report in respect of Age Concern to the Chair of the Committee.

iii)                That the updated Funding Strategy Statement be approved.