Actuarial Valuation as at 31 March 2007
FORMAL REPORT
Introduction
The Fund's actuary reviews and amends employer contribution rates every 3
years. The last actuarial valuation was based on Fund membership as at 31 March
2007. The revised employer contribution rates came into effect on 1 April 2008.
When the actuarial valuation has been completed, the actuary prepares a
report. This analyses scheme membership by type, assesses the Fund's financial
position (viz. are the Fund's assets sufficient to meet its projected
liabilities?), sets out the assumptions for future inflation and investment
returns and then provides a schedule of the contribution rates for each of the
Fund's employing bodies. These rates are set at a level sufficient to secure the
ongoing viability of the Fund. Scheme members are reminded that their own
contribution rates are fixed by statute and that it is the employing bodies who
must make good any shortfall in Fund assets relative to liabilities.
Copies of the actuary's report will be circulated to all the Fund's employing
bodies.
The next valuation will be based on membership as at 31 March 2010 with
new employer contribution rates coming into effect on 1 April 2011.
The Avon Pension Fund is required by The Local Government Pension Scheme
(England and Wales) (Amendment) Regulations 2004 to prepare and publish a
Funding Strategy Statement (FSS).
The FSS is prepared in accordance with guidance issued by CIPFA's Pensions
Panel and a draft is circulated to all the Fund's employing bodies for comment
prior to approval by the Avon Pension Fund Committee.
The significance of the FSS is that the Fund's actuary. "must have regard to it
as part of the fund valuation process. The FSS must be revised whenever there is
a material change in the Fund's investment policy."
Click here for the full report
(MS Word Document - 104 kb)
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FSS
2004(MS Word Document - 104 kb)
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(348 kb)