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Paper 7 - 24 September 2004 Meeting

ASSOCIATION OF HAMPSHIRE AND ISLE OF WIGHT LOCAL AUTHORITIES

24 September 2004

HAMPSHIRE PENSION FUND Ė DRAFT FUNDING STRATEGY STATEMENT

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RECOMMENDATION

That members of the Association consider the attached draft and pass any comments to the County Treasurer by Friday 15 October.

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SUMMARY

Attached is a draft Funding Strategy Statement (FSS) prepared by the County Treasurer and the Fundís actuary, Hewitt Bacon & Woodrow. It has been prepared as required by regulations which took effect in April 2004 which require local authority funds to prepare such statements by 31 March 2005. Any comments should be passed to the County Treasurer by Friday 15 October.

INTRODUCTION

1. Regulations which came into force in April 2004 require the Hampshire Pension Fund to prepare and publish a Funding Strategy Statement (FSS) by 31 March 2005. In practice this means that a final version will need to be agreed by the County Councilís Pension Fund Panel by November 2004 at the latest, particularly as the actuary cannot finalise the March 2004 valuation until there is an FSS in place.

2. The regulations also require that the County Council should consult other employers in the Fund as it considers necessary on the contents of the FSS. Accordingly, a first draft of the FSS is attached for your information and comment. It has been prepared with the assistance of the Fundís actuary. Hewitt Bacon & Woodrow, and follows the format recommended by the Chartered Institute of Public Finance and Accountancy (CIPFA).

3. The main purposes of the FSS are set out in the draft in section 3.. Setting out a clear strategy for meeting the Fundís liabilities and stabilising contribution rates should improve openness and accountability, both to the Fundís employers and its contributors.

4. This draft has already been circulated to all the Fundís employers, and will have already been discussed at the Fundís Annual General Meeting on Tuesday 21 September. It was also considered by the Hampshire and Isle of Wight Chief Financial Officersí Association on Friday 10 September. Any significant amendments between the time of drafting this report and the Associationís meeting will be reported orally to the meeting.

5. It is recommended that any comments on the draft be passed to the County Treasurer by Friday 15 October, either directly or via your Chief Financial Officer.

JON PITTAM
County Treasurer

Date: 8 September 2004
Annex: 1 (available on request)
Contact: Dave Wilson telephone: 01962 847407 e-mail: dave.wilson@hants.gov.uk

Last update: 14/09/2004
Author: Nick Goulder, Director

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