Decision details

The Executive received a report detailing the performance of the Surrey Pension Fund.  The Surrey Pension Fund was managed and administered by Surrey County Council on behalf of all Districts, the County and a number of other organisations.

Due to growth in investments and additional payments the fund was now managing to keep pace with liabilities. This had resulted in the deficit falling and the funding level increasing. At the current time, the scheme was over 90% funded.

As a result of legislation, Local Government Pension Schemes had been required to pool their assets. Consequently, the Surrey Pension Fund had joined the “Borders to Coast Fund” which had a total value of £35.9bn.

The Fund was required to have an actuarial review every 3 years and this had last been carried out as at 31 March 2016. The review had indicated that the Fund would 82.6% funded compared with 72.3% in March 2013.  As a result, the actuaries were recommending, for this Council, no increase in current contributions or deficit recovery payments for the next 3 years.

Resolved to note the contents of the report.