Funding Strategy Statement
Current Funding Strategy Statement
The Funding Strategy Statement (FSS) of the Staffordshire Pension Fund, has been prepared by the administering authority in collaboration with the Fund's actuary, Hymans Robertson LLP. After consultation with scheme employers and investment advisers, it was approved by the Pensions Committee at their meeting on 31 March 2023. The updated version dated 1 November 2023 reflects minor amendments as a result of changes in legislation and process.
Actuarial Valuation 2022 and the Funding Strategy Statement (FSS)
As part of an Actuarial Valuation, best practice dictates that there should also be a review of a Pension Fund's Funding Strategy Statement (FSS).
A general review has been carried out of Staffordshire Pension Fund's FSS, in line with the 2022 Actuarial Valuation, and the opportunity to make recommended changes has been taken. These include a review of the structure and layout of the FSS and improved accessibility and navigation for stakeholders.
Whilst there have been no significant changes to the funding strategy at the 2022 Actuarial Valuation, the new FSS now includes separate policies on:
- Academy funding;
- Passthrough arrangements; and
- Cessations including a revised "risk based" approach where applicable.
The main changes to highlight include:
- An increase in the full funding time horizon for Academies to 20 years (previously 15 years);
- Minor changes to the passthrough admissions process; and
- the fact that climate-related risks have been considered when setting the funding strategy.