Under pension regulations, the Fund Actuary must conduct a valuation of the Cornwall Pension Fund every three years.
This is known as a triennial valuation.
Cornwall Pension Fund's actuary is Hymans Robertson.
The purpose of the actuarial valuation is for the Fund to determine:
- the expected cost of providing the benefits built up by members at the valuation date. This is known as the “liabilities”;
- compare this against the funds held by the Fund (known as the "assets");
- an appropriate plan for making up any shortfall (if assets are less than liabilities);
- the contributions needed to cover the cost of benefits that active members will build up in the future; and
- the contributions needed to cover other costs incurred in running the Fund.
Please find below the valuation reports: