The Board of Trustees heard from the Scheme’s investment advisors who provided a detailed update on the current position of the Scheme’s finances given the well-publicised financial volatility recently. Despite these turbulent times, the Scheme Actuary reassured the Trustees that the scheme was still in a good position and advised that they believed, at the time of the meeting, the assets held by the Scheme were expected to be able to meet the Scheme’s existing liabilities.

 

There is a statutory obligation on the Scheme to conduct a valuation of the Scheme's assets and liabilities as at 30 September 2022, a timeline for the project was outlined by the actuarial advisors who also highlighted this will be the first full valuation of the merged scheme and discussed some early thoughts on the assumptions that would be adopted to calculate the valuation results.

 

There were also updates from the Subcommittees who provided recommendations to the rest of the Trustee Board on matters such as GMP rectification, the Scheme’s future investment strategy and the appointment of a new legal advisor.