Decision details


Decision Maker: Surrey Pension Fund Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No




Gemma Sefton – Hymans Robertson

Neil Mason – Strategic Finance Manager (Pensions)


Key points raised during the discussion:


1.    The Committee heard from the representative from Hymans Robertson, who provided an update on the delivery of the 2019 actuarial valuation and highlighted the next stages.

2.    Members viewed a graphic that showed the change in membership makeup from 2016 and were told that the Fund was continuing to grow in size, with 20% more records at the 2019 valuation and a continued growth in payroll and the amount of benefits that are paid out each year.

3.    The representative from Hymans Robertson explained that the Fund was in a healthy place and was 96% funded, with much of that being as a result of asset returns. She went on to highlight the assumed investment return and the funding level that mapped to, as well as showing Members a graphic that illustrated how the Fund’s assets and liabilities had changed since 2016.

4.    Members went on to view changes to the funding strategy and other policy areas that were under review. The representative from Hymans Robertson explained that everything included in the 2019 valuation was in draft until 31 March 2020 and further consultation would take place before then.

5.    Responding to a request from the Chairman, the representative from Hymans Robertson expanded on the McCloud Judgement and GMP equalisation and the potential impact these could have.

6.    Referring to the whole fund funding position graphic provided to Members and the assumed future investment return, the representative from Hymans Robertson explained that an asset model that contained long-term assumptions about all of the asset classes held by the Fund over 20 years had been run in order to formulate the figures.

7.    The Committee heard that conversations would be had with employers about multiple investment strategies and that the intention would be that no one would be moved without their understanding. There was a need to be pragmatic and proportionate to make sure everything had an appropriate award for employers and that different funding objectives were kept in mind.

8.    A Member of the Committee asked for information about how other Funds had approached similar strategies and names of these funds would be provided to the Strategic Finance Manager by the representative from Hymans Robertson so they could be contacted on the Fund’s behalf. The Strategic Finance Manager also informed the Committee that case studies were included in the funding strategy statement paper.


Actions/further information to be provided:


The representative from Hymans Robertson is to provide the Strategic Finance Manager with names of pension funds that had approached similar investment strategies so that they can be contacted on the Fund’s behalf.




The Pension Fund Committee:


1.    Noted progress on the delivery of the 2019 actuarial valuation of the Pension Fund.

2.    Approved for officers to work with the investment consultant and the actuary to implement multiple investment strategies for employers.

Publication date: 21/11/2019

Date of decision: 13/09/2019

Decided at meeting: 13/09/2019 - Surrey Pension Fund Committee

Accompanying Documents: