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Lancashire Local Pension Board - Tuesday, 22nd July, 2025 2.00 pm
July 22, 2025 View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
The Lancashire Local Pension Board met to discuss regulatory updates, training plans, employer performance, and communication strategies, among other items. The board approved the recommended approach to employer engagement and was asked to consider additional reporting on employer performance. They also reviewed and noted the constitution, membership, and terms of reference.
Regulatory Updates
Catherine Hunt, Technical & Administration Pensions Lead, presented a report on regulatory issues and industry news. The Scheme Advisory Board (SAB) annual report showed increases in LGPS membership and assets. The government's response to the 'Fit for the Future' consultation is progressing, with key points including asset pooling, local investment, and fund governance. The draft pensions bill permits voluntary or compulsory mergers of LGPS pension funds. A consultation on access and fairness to the Local Government Pension Scheme (LGPS) includes proposals to remove the age 75 limit for death grants and address discrimination from the Goodwin case1.
Sean Greene, Head of Fund, addressed the potential impact of other funds joining Local Pensions Partnership Investments Limited (LPPI). He assured the board that Lancashire was motivated to work with other funds and that governance would ensure equality across all shareholders, with one fund, one vote
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Employer Performance
Julie Price, Funding & Employer Risk Lead, presented a report on employer performance, noting that timely and accurate data from employers is crucial for smooth pension administration and a good member experience. LPPA manages employee performance, while fund offices support this work. Performance data is now provided to chief financial officers of district councils, police, and fire services, yielding positive results.
The board approved option B, which expands employer performance reporting to larger employers such as colleges, universities, academy trusts, and housing associations, covering 95% of the active membership. Concerns were raised about the complexity of dealing with academy trusts, but it was clarified that multi-academy trusts would likely handle the data submission. The board requested regular updates on employee performance, including improvements being made.
The board discussed the Pensions Administration Strategy Statement (PASS) review, with a project plan that includes consultation with scheme employers. The review will focus on employer obligations, performance, and charging where appropriate.
Communications Strategy
The board discussed the communication strategy, intended to enhance communication with members and employers. The strategy aims to ensure easy access to information and will consider different communication channels. Mark Davies suggested focusing on relational work and engaging with staff networks and trade unions. The board agreed that it was important to consult with members and employers, and to consider LPPA's future communication programme.
Training Plan
The board reviewed the updated training plan for 2025/26, revised to support new members of the Pension Fund Committee and Pension Board. The plan includes induction sessions and support for completing LGPS On-line Learning Academy (LOLA) modules. Deborah Parker gave feedback on the LOLA live session, noting technical difficulties with the first session but improvement in the second. She encouraged members to try the third session.
Annual Review of the Lancashire Local Pension Board
The board considered the annual review of its operation, summarised by Fiona Miller, Independent Chair of the Local Pension Board. The review found that the board functions effectively and has added demonstrable value, including helping to resolve issues with new pension administration software and monitoring progress on the national Pensions Dashboard2. The review recommended widening the focus of board members, improving the quality of online presentations, and arranging in-house training sessions on valuations, responsible investment, and investment strategy.
Governance Compliance Statement
The board discussed revisions to the Governance Compliance Statement, which outlines the governance arrangements for the pension fund. The statement was updated to reflect changes to the training plan and the introduction of LOLA. The board was asked to consider whether to reproduce the statement in full or include a hyperlink within the fund's annual report. Concerns were raised about auditors not signing off on hyperlinks due to potential future link failures.
Part 1 Reports on Pension Fund Committee Agenda
The board received an update on part 1 reports considered by the Pension Fund Committee on 20 June 2025, including the Lancashire County Pension Fund Budget 2024/25 and the Lancashire County Pension Fund External Audit Plan 2024/25.
Local Government Reorganisation
The board discussed the potential impact of local government reorganisation on the fund. It was noted that Lancashire County Council would cease to exist as it is, requiring the pension fund to find a new home. Options include one of the new unitary authorities taking on the responsibility or using a different model, such as a pension authority separate from the council.
Sean Greene, Head of Fund, mentioned that the council had been liaising with another fund who've gone through that experience to learn lessons from them.
Mark Davies noted that the reorganisation could skew normal retirement patterns over the next three years.
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The Goodwin case refers to a legal challenge related to pension benefits for same-sex couples, aiming to ensure equal treatment in survivor benefits regardless of the couple's gender. ↩
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A pensions dashboard is an online tool that allows individuals to see all of their pension information in one place. ↩
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