The Funding Strategy Statement
The key requirements for preparing the Funding Strategy Statement (FSS) can be summarised as follows:
After consultation with all relevant interested parties involved with the Fund the Fund will prepare and publish its funding strategy;
In preparing the FSS, the Administering Authority must have regard to the guidance issued by CIPFA for this purpose; and the revised Statement of Investment Principles (SIP) for the Fund dated November 2012 published under Regulation 12 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009 (as amended);
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 SIP.
Benefits payable under the Fund are guaranteed by statute and thereby the pensions promise is secure. The FSS addresses the issue of managing the need to fund those benefits over the long-term, whilst at the same time, facilitating scrutiny and accountability through improved transparency and disclosure.