Agenda item

Consideration was given to the report of the Corporate Director, Resources which provided Members with information on the final outcomes from the actuarial valuation of the Pension Fund as at 31 March 2014 (for copy see file of Minutes).

The report gave details of the valuation results, changes in membership numbers and the main factors affecting the funding position since the previous valuation.

Don McLure, Corporate Director, Resources referred Members to the recovery period set out in Table 5 of the report. He advised that the recovery period had been reduced from 19 years to 18 years which was a positive step forward. The average recovery period of other Pension Funds was 19 to 20 years.

Councillor Davinson asked about the potential impact of future redundancies, and was advised that at the last valuation, the Actuary had changed the way in which employer contributions were expressed. Expressing deficit contributions as monetary values instead of percentages of pensionable payroll ensured that any shortfall would be met even if an employer’s overall pensionable payroll reduced in size.

Resolved:

That the information given be noted.