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.
Past editions of Staffordshire Pension Fund's Funding Strategy Statement can be accessed via the link below:
Actuarial Valuation 2025 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 2025 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.
The main changes to highlight include:
- An increase in the minimum likelihood of success (please refer to table 1 in section 2.2 of the FSS)
- The removal of the option for employers to pay strain cost in instalments.
- All individual Academies within a Multi Academy Trust will now be pooled for contribution rate setting.
Consultation - Funding Strategy Statement (FSS)
The Fund has launched a consultation on the draft FSS with Scheme employers, stakeholders and other interested parties. This will run until 31 January 2026. Any comments or questions you might have on the new draft FSS should be submitted to pensions.comms@staffordshire.gov.uk
After considering all responses received, the final FSS will be approved by the Pensions Committee at their meeting on 27 March 2026.
A copy of the draft FSS for comment has been published below: