The Funding Strategy Statement (FSS) is reviewed every three years alongside the actuarial valuation and sets out the approach to setting contribution rates and recovering deficits or distributing surpluses. In essence this is the strategy for maintaining stable and affordable employer contributions.

The FSS is supported by a number of policies covering specific circumstances such as employers joining or leaving the Fund in a suit of policy documents which are set out here.

The Core Funding Strategy Statement (including Appendices A to D)
This document sets out the Funding Strategy Statement (FSS) for South Yorkshire Pension Fund. Publication of the FSS is a regulatory requirement and the document explains the objectives of the strategy and how the fund’s approach to meeting these objectives.

Appendix E SYPA Admissions policy
The purpose of this policy is to set out the administering authority’s default approach to admitting new employers into the fund.

Appendix F SYPA Cessation Policy
The purpose of this policy is to set out the administering authority’s approach to dealing with circumstances where a scheme employer leaves the fund and becomes an exiting employer (a cessation event).

Appendix G SYPA Bulk transfers policy
The purpose of this policy is to set out the administering authority’s approach to dealing with the bulk transfer of scheme member pension rights into and out of the fund in prescribed circumstances.

Appendix H SYPA Contribution reviews policy
The purpose of this policy is to set out the administering authority’s approach to reviewing contribution rates between triennial valuations.

Appendix I Academies policy
The purpose of this policy is to set out the administering authority’s funding principles relating to academies and Multi-Academy Trusts (MATs).

Appendix J SYPA Covenant Assessment policy
The purpose of this policy is to set out the administering authority’s approach to assessing and monitoring the strength of an employer’s covenant in terms of its ability to meet its financial obligations to the fund.

Appendix K SYPA Prepayments policy
The purpose of this policy is to set out the administering authority’s approach to the prepayment of regular contributions due by participating employers.

Appendix L SYPA ill health risk management policy
The purpose of this policy is to set out the administering authority’s approach to managing the risk arising due to ill health retirements.

Appendix M SYPA Pass through policy
This policy sets out the default approach for granting contractors Admitted Body status and should be read in conjunction with the Admissions Policy.