10.35

This report will set out the high-level results for the whole Fund following the 2022 Valuation, with further work required before the results for the individual scheme employers are available. The report will also set out the revised Funding Strategy Statement which sets the ground rules on which the Valuation is based.

Members will be asked to approve the draft Funding Strategy Statement as the basis for consultation.

The Committee is recommended to note the position on the 2022 Valuation and agree the draft Funding Strategy Statement and accompanying annexes as the basis of consultation with scheme employers

Robert McInroy and Tom Hoare of Hymans Robertson attended the meeting and presented the report.

Members were provided with a report which set out the high-level results for the whole Fund following the 2022 Valuation, with further work required before the results for the individual scheme employers are available.

The report also set out the revised Funding Strategy Statement which sets the ground rules on which the Valuation is based.

Reference was made to the worsening future economic outlook, particularly in relation to rising inflation, which would impact on the cost of future benefit accrual and was a risk.

RESOLVED – That the position on the 2022 Valuation be noted and approval be given to the draft Funding Strategy Statement and accompanying annexes as the basis of consultation with scheme employers.