The Lancashire Local Pension Board convened to discuss a range of issues, including regulatory updates, training plans, employer performance, and communications strategies, and to approve the annual report. The board approved recommendations regarding employer performance monitoring and endorsed the updated training plan. They also discussed the potential impact of local government reorganisation on the pension fund.

Employer Performance

The board discussed a report on employer performance, which is monitored by Local Pensions Partnership Administration Ltd (LPPA) with support from fund officers. The report highlighted the importance of timely and accurate data provision by employers for the smooth running of the pension administration service and a good member experience.

The board approved the recommendation to expand employer performance reporting to include colleges, universities, academy trusts, and housing associations. This approach would cover 95% of the active membership while remaining deliverable within existing resources. There was also discussion of the possibility of charging employers for poor performance, and the importance of ensuring that employers are given the tools they need to provide data.

The Funding & Employer Risk Lead, Ms Price, noted that LPPA would be meeting with the eight largest employers on a quarterly basis to address any issues with data submissions.

Communications Strategy

The board received an update on the Lancashire County Pension Fund's Communications Strategy, which is currently under review. The strategy aims to improve communication and engagement with members and employers, ensuring easy access to information and support throughout their pensions journey.

Board members were asked to consider any networks they could utilise to support the project. Suggestions included employer, staff, trade union, local authority chief executives, section 151 officers¹, and communications officer networks. It was noted that the fund would engage with Lancashire County Council, as the largest employer, during the review of its communications strategy.

Mark Davies suggested that better communication would result from more relational work, and that the document appeared to be setting out the process for a communication strategy, rather than resulting in better communication.

Regulatory Updates and Industry News

The board received an update on various regulatory issues and industry news, including the Scheme Advisory Board Annual Report, the Fit for the Future consultation/Pensions Bill, and the government's Access and Fairness Consultation.

The Technical & Administration Pensions Lead, Ms Hunt, noted that the government is supporting a reduction from eight to six investment pools, and is considering legislation to allow voluntary or compulsory mergers of LGPS funds.

The board discussed the potential impact of these changes, particularly on funds looking for a new investment pool. The Head of Fund explained the options available and confirmed that discussions were ongoing with potential future pooling partners.

The board also discussed the Access and Fairness consultation, which proposes changes to improve fairness and access to the local government pension scheme. These proposals include removing the age 75 limit for death grants and addressing discrimination from the Goodwin case for survivor pensions.

Training Plan 2025/26

The board received a report on the updated Training Plan for 2025/26, which was revised to support new members of the Pension Fund Committee and Pension Board in developing their knowledge and understanding. The plan includes induction sessions and additional support for online learning modules.

The Pensions Governance Lead, Ms Brown, noted that the training plan incorporates online learning modules, bespoke workshops, and external training opportunities.

Annual Review of the Lancashire Local Pension Board

The board considered a report on the annual review of the Lancashire Local Pension Board, which summarised the outcome of discussions with individual board members and others. The review highlighted areas where the board has added value, including helping to ensure progress on the implementation of new pension administration software and monitoring and escalating issues in a timely manner.

The Chair of the Pension Fund Committee, Councillor County David Shaw, praised the work of the board and the positive way it has worked with LPPA and fund officers.

Lancashire Local Pension Board - Annual Report 2024/25

The board considered the draft 2024/25 Annual Report, which summarised the board's activity and would be incorporated into the Lancashire County Pension Fund Annual Report. The board recommended the annual report to the Pension Fund Committee for approval and authorised the chair to make any minor amendments.

Lancashire County Pension Fund - Governance Compliance Statement

The board considered the revised Governance Compliance Statement, which outlines the governance arrangements for the pension fund. The statement was updated to reflect changes to the fund's training policy and the introduction of the LGPS Online Learning Academy (LOLA) during the year. The board recommended the governance compliance statement to the Pension Fund Committee for approval.

Part I Reports on Pension Fund Committee Agenda

The Head of Fund reported on the Part I 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.

Urgent Business

Mr Simon Lawrence and Mr Mark Davies raised the issue of the impact that local government reorganisation would have on the Lancashire County Pension Fund. The Head of Fund reported that discussions were underway with a fund that had been affected by local government reorganisation in order to learn from that experience.

Regarding the outcome of the Fit for the Future consultation, it was reported that the 'displaced' funds would need to consider their options and take a decision regarding their future pooling arrangements.

Exclusion of Press and Public

The press and public were excluded from the meeting for the consideration of the following items: LCPF Risk Register, Pension Administration Update, Disclosure Reporting, Pensions Dashboard, Assurance Reporting - Pensions Administration, LCPF Cyber Security, LCPF Breaches & Complaints Report, and Part II reports from the most recent Pension Fund Committee.