Please provide the following information in relation to the conduct of the 2025 local government pension scheme (LGPS) Triennial Valuation - published in April 2026:
1) The name(s)/ & firm of your actuarial consultant?
2) The name(s)/ & firm of your investment consultant? (IC)
3) Names/ descriptions of relevant climate scenarios selected for the purpose of the 2025 valuation - & the temperature pathway (i.e. 2C, 3C) each scenario relates to?
4) For each scenario/pathway, please provide the estimated financial damages from climate change after 5 years, 10 years, 20 years & where applicable 40 years (if presented/published in chart form, please also provide the underlying chart data in MS Excel format)
5) Were climate scenarios selected by committee for the valuation following advice/information from your a) actuary, b) investment consultant, c) IC & actuary d) Other? - please explain
6) In assessing the potential for physical climate risk to negatively impact the valuations and future returns of the fund over the next 20 years (per LGPS SAB) - do you consider future impacts of climate change to be already priced into financial assets? (inc: bonds, equities, PE & infrastructure)
7) What discount rate has the fund selected? Has physical climate risk been factored into the assumed discount rate/ future returns? If so, how?
8) If the fund has opted to reduce pension fund contributions relative to 2022 due to current surplus levels - to what extent have you factored potential future climate related losses into the reasonableness of this decision?
9) What level of prudence has the fund set? To what extent does this prudence level provide a buffer against future climate damages impacting your future surplus & funding level?
10) Were the DB scheme to tip into deficit (for e.g. due to climate damage/ market loss) - based on the administering authority Treasury Management Strategy, would any immediate shortfall be made up via a) increased borrowing, b) council tax increases, c) higher scheme contributions, d) government bailouts, e) other - please explain?