The Local Government Pension Scheme (England and Wales) (Administration) Regulations 2008 provide the statutory framework from which the Fund is required to prepare a Funding Strategy Statement (FSS). The key requirements for preparing the FSS can be summarised as follows:
- After consultation with all relevant interested parties the Fund will prepare and publish their funding strategy;
- The FSS must be revised and published whenever there is a material change in either the policy on the matters set out in the FSS or the Statement of Investment Principles.
The FSS can be found below:
The purpose of the FSS
- to establish a clear and transparent fund specific strategy which will identify how employers’ pension liabilities are best met going forward;
- to support regulatory framework to maintain as nearly constant employer contribution rates as possible; and
- to take prudent longer term view of funding those liabilities.