Decision details

The Head of Treasury introduced the report which set out details of the Barnet Pension Fund and the review of funding and contribution setting process.

Gemma Sefton, from Hymans Robertson, delivered a presentation on the 2016 triennial valuation which covered:

·         Stakeholders

·         Scrutiny of the Scheme

·         Valuation Regulations

·         Role of the Administering Authority

·         Valuation Process and Requirements

·         Funding Strategy Approach

·         Results of the 2016 Valuation

·         Setting Contribution Rates

The Board noted that the next valuation would be taking place in 2019.

A Board Member commented that the Investment Advisor would be reliant on the accuracy of the data from the Administering Authority in making whole fund valuations. 

RESOLVED that:

1.    The funding and contribution setting process as set out in the report and the presentation from Hymans Robertson be noted.

2.    Capita Employee Benefits be requested to develop a data quality plan to ensure that accurate data is being used for the next valuation and for details of the plan to be reported to a future meeting of the Board.