Updated guidance for preparing and maintaining a FSS can be found on the Board guidance page. This guidance is the latest publication which has been reviewed and jointly approved by the Board’s Compliance and Reporting Committee, the Chartered Institute of Public Finance and Accountancy (CIPFA) and the Ministry of Housing, Communities and Local Government. It replaces the 2016 guidance produced by CIPFA. The updated guidance states that it is expected that the FSS will have recognised and considered the funding issues associated with climate change and references a “key principles document” which has been collaboratively drafted by the four actuarial firms who act as fund actuaries in the LGPS. The key principles document is being published alongside the FSS guidance on the Board guidance page.

The FSS guidance is intended to help administering authorities create their own funding strategy, covering all the necessary topic areas but without being prescriptive in the policy approach to take. The redraft aimed to improve the coverage of the below topics:

The SAB, CIPFA and MHCLG would like to acknowledge the contribution of all those involved in the production of the new guidance.