The Lancashire Local Pension Board met on Wednesday 15 July 2026 to discuss a range of regulatory updates, training plans, and governance matters concerning the Lancashire County Pension Fund. Key decisions included noting updates on regulatory changes affecting pension calculations and survivor benefits, approving the 2026/27 training plan, and reviewing the Fund's governance compliance statement.

Regulatory Update

The meeting received an update on changes to the SCAPE discount rate, which affects actuarial factors for calculating pension benefits. While underlying entitlements remain the same, the decrease in the rate means benefits may be slightly less favourable. Local Pensions Partnership Administration Ltd (LPPA) has been working to implement these new factors, which has caused some temporary suspensions in case processing.

Significant work is also underway regarding the equalisation of survivor benefits, with a deadline of January 2028 for implementation. Changes to death grant limits and rules around buying back lost pension during unpaid leave were also discussed. Elected members are now able to access the Local Government Pension Scheme, effective from May 2026. New regulations under the Fit for the Future initiative have also taken effect, requiring funds to appoint a senior LGPS officer and an independent person, both of which have been completed for the Lancashire Pension Fund. LPPA has also updated its complaints process to include a clear route for data protection complaints.

Pension Related Training and Updated Training Plan 2026/27

The Board received an update on training activities, including the new LOLA platform with a risk management module. The 2026/27 training plan was presented, which includes additional sessions on investment strategy due to the upcoming review of the Investment Strategy Statement. Joint training sessions for both the Pension Fund Committee and the Local Pension Board are planned for later in the year, covering governance and local government reorganisation. The Board noted the Pensions Regulator's Public Service Toolkit as a useful resource for good practice.

Lancashire Local Pension Board Annual Report 2025/26

The draft Annual Report for the Local Pension Board for 2025/26 was presented for approval. The report highlighted the Board's activities, including oversight of compliance, review of risk registers, and work on improving member experience and streamlining employer processes. The Board approved the report for inclusion in the Lancashire County Pension Fund Annual Report & Financial Statements and requested a review of Board membership to consider demographic factors for future recruitment.

Lancashire County Pension Fund Governance Matters

Updates were provided on risk management and governance, including the ongoing audit of risk management processes and the receipt of an unqualified AAF 01/20 Type II assurance report from LPPA. A significant incident involving a double payment of a death grant due to human error was discussed, with assurances that it was an isolated incident and preventative measures had been implemented. A breach concerning an employer's failure to pay employee contributions was also reported, which has since been resolved. The report also noted the addition of a new risk related to the impact of local government reorganisation on the Fund.

Lancashire County Pension Fund Communications Strategy

The Board was updated on the completion of a project to review the Fund's communications strategy and policy. This included the launch of a new Fund website with enhanced functionality, improved navigation, and clearer signposting to LPPA's services. A postal exercise is planned for Pension Awareness Week to encourage deferred members to register for PensionPoint. An updated Communications Policy was also presented, with key changes including clarity on responsibilities and streamlined content. Future updates on communications will be provided on a business as usual basis.

Pensions Administration Update

LPPA provided an update on administration performance, with overall casework performance at 99.2% against SLAs. The average call wait time remained below the target, although March 2026 saw an increase due to higher demand and staff vacancies. The report highlighted progress on the McCloud remedy, with payments commencing in Q1 2026/27. LPPA is also preparing for the Pensions Dashboard launch and has implemented a new online leaver form with real-time validations. A concern was raised regarding LPPA's delay in issuing life certificates to overseas pensioners, and an update on this matter will be provided at the next meeting.

Pensions Dashboard

An update was given on the progress of the Pensions Dashboard Programme, with Lancashire County Pension Fund connected to the ecosystem since December 2025. LPPA is taking steps to ensure data accuracy, with over 98% of members currently dashboard ready. A tracing exercise for deferred members' addresses is underway. The Board was assured that LPPA is preparing for the expected launch in 2027/28, focusing on member self-service and data quality.

Overview of Investment Strategy Statement Review Process

The Board received an overview of the process for reviewing the Fund's Investment Strategy Statement (ISS), which occurs every three years following the actuarial valuation. The Fund is in a strong financial position, with the eighth highest funding level among LGPS funds in England and Wales. The review will consider prioritising portfolio aims, local investments, strategic asset allocation, and compliance with new government guidance. Revised investment beliefs, including a new belief on local investments, were approved by the Pension Fund Committee.

Pension Fund Committee 19 June 2026 - Agenda Review

The Board was updated on the items discussed at the Pension Fund Committee meeting on 19 June 2026. This included the Fund's governance matters, budget outturn, external audit plan, and the appointment of an Independent Person. The Head of Fund provided clarification on the training and advisory support available to Committee members regarding investments.

Date of Next Meeting and Change of Date for April 2027 Meeting

The next scheduled meeting of the Board will be held on Tuesday, 20 October 2026. The meeting planned for 13 April 2027 has been moved to 20 April 2027.