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Lancashire Local Pension Board - Tuesday, 20th October, 2026 2.00 pm
October 20, 2026 at 2:00 pm Lancashire Local Pension Board View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
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The Lancashire Local Pension Board met on Tuesday 20 October 2026 to discuss a range of governance, regulatory, and administrative matters concerning the Lancashire County Pension Fund. Key discussions included an update on regulatory matters, governance updates, the Conflicts of Interest Policy, the Independent Governance Review, the Investment Strategy Statement, the Pension Fund Committee agenda, pension-related training, the Risk Register, and a Pension Administration Update.
Regulatory Update
The Board received an update on various pension-related regulatory issues. Ms. Catherine Hunt, Technical & Administration Pension Lead, highlighted changes to the SCAPE discount rate, which affects actuarial factors for certain benefit calculations. She also detailed progress on Access and Fairness
regulations, including the equalisation of survivor benefits and changes for members taking unpaid leave. The Board was informed about a consultation on conditions for transfers, aimed at reducing fraud risks, and noted that LPPA broadly supported the proposed amendments. Updates were also provided on the regulatory horizon, including changes to inheritance tax on pensions and the extension of auto-enrolment.
Governance Matters
Ms. Jayne Brown, Pensions Governance Lead, presented a report on governance matters, confirming the Fund's strong position regarding compliance with new LGPS governance requirements. She highlighted the appointment of the Head of Fund as the Senior LGPS Officer and the appointment of Marion George as the Independent Person. The Board was asked to review the draft Governance Strategy, which aims to ensure effective and efficient governance, promote accountability, and define roles and responsibilities. The Board also noted the SAB statement on the statutory purpose of the LGPS.
Conflicts of Interest Policy
Ms. Brown also presented a revised Conflicts of Interest Policy for the Lancashire County Pension Fund. The policy, which had been approved by the Pension Fund Committee subject to any substantive changes recommended by the Board, aims to identify, monitor, and manage actual, potential, and perceived conflicts of interest. The Board noted two minor amendments: clarifying that membership of the LGPS does not constitute a conflict for councillors or officers, and that members of the Pension Board who are also LGPS members are not conflicted. The Board resolved to approve the policy subject to these amendments.
Independent Governance Review
The Head of Fund, Peter George, presented a report on the new regulatory requirement for LGPS Funds to undergo an Independent Governance Review (IGR) by 31 March 2028. The Board was informed that the Pension Fund Committee had agreed to procure an assessor and intended to conduct the review in early 2027/28. This proactive approach aims to secure a preferred assessor and allow sufficient time for the review process.
Investment Strategy Statement
Mr. George also presented a report on the updated Investment Strategy Statement (ISS), which had been developed in consultation with the Pension Fund Committee, Investment Panel, and LPPI. The Board was asked to comment on the governance processes and the draft ISS as part of a broader consultation. Key areas discussed included the balance between employer contribution stability and affordability, an increase in local investment in Lancashire to a target of 3% of the Fund's portfolio (approximately £400 million), and the acceptance of potentially lower investment returns or higher risk for local investments that offer enhanced social and economic benefits. The Board resolved to agree that balancing employer contribution stability and affordability is an appropriate approach, to increase local investment to 3% of the portfolio, and to accept a lower return or higher risk for local investments with enhanced social and economic benefits.
Pension Fund Committee Agenda Review
Mr. Mike Neville, Senior Democratic Services Officer, provided an update on the items considered by the Pension Fund Committee on 18 September 2026. Some of these items were covered in detail in other reports on the Board's agenda.
Pension Related Training
Mr. James Almond, Senior Governance Officer Pensions, presented a report on training activity. He noted that the LGPS Online Learning Academy modules had been updated, and Board members were required to complete new modules on Risk Management and Introduction to Climate Change & TCFD. The Board was also informed that members would participate in the Hymans Annual Knowledge Assessment in November/December 2026 to identify knowledge gaps and inform future training plans.
Risk Register
Mr. Almond also presented an update on the Lancashire County Pension Fund Risk Register. Two key risks were highlighted: cyber resilience and information security, and Local Government Reorganisation (LGR). The Board discussed the implications of Artificial Intelligence (AI) and how it should be reflected in the Risk Register. The LGR risk remains paused due to government review, with no further updates available. The Board resolved to note the updates on these key risks and other risks of note, and that a report on LPPA's response to an external auditor's recommendation regarding identity verification processes would be presented at the next meeting.
Pension Administration Update
Mr. Chris Batts, Head of Client Services at Local Pensions Partnership Administration Ltd (LPPA), presented a report on pension administration performance. He highlighted that casework performance exceeded the SLA target at 98.9%. However, the average contact centre waiting time exceeded the four-minute target, though performance had improved since June. Board members questioned LPPA's internal target of paying 50% of pensions within 30 days where notification was on time and no additional voluntary contribution was involved, deeming it too low. The Board resolved to ask LPPA's Executive Leadership Team to review this target. The Board also noted that a small percentage of annual benefit statements containing McCloud remedy information had not been issued by the statutory deadline, but the Fund concluded this did not constitute a material breach and had notified The Pensions Regulator. Updates were also provided on overseas life certificates and the Pensions Dashboard programme.
Urgent Business
No urgent business was raised.
Date of Next Meeting
The next meeting was scheduled for 26 January 2027.
Exclusion of Press and Public
The Board resolved to exclude the press and public for the consideration of exempt information.
Assurance Reporting - Pensions Administration
Ms. Karen Hill, Head of Risk and Governance at LPPA, presented a report on the independent AAF audit of LPPA's internal controls, which received an unqualified reasonable assurance opinion. The Board resolved to note the findings and requested LPPA to develop a wider assurance framework, develop a policy for notifying scheme members of complaint resolution delays, and clarify the prioritisation of outstanding bereavement cases.
Delegated decisions linked to this meeting
Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.
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Assurance Reporting - Pensions Administration.
For Determination -
Disclosure of Pecuniary and Non-Pecuniary Interests.
Recommendations Approved -
Pension related training 2026/27
Recommendations ApprovedThe Lancashire Local Pension Board noted the pension-related training undertaken by Board members on 20/10/2026. The Board considered and commented on training undertaken, including completed LGPS Online Learning Academy modules and upcoming Hymans Annual Knowledge Assessment.
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Exclusion of Press and Public.
Recommendations Approved -
Date of Next Meeting.
Recommendations Approved -
Regulatory Update
Recommendations ApprovedLancashire Local Pension Board considered and commented on a regulatory update. The decision date was 20 October 2026. The update covered changes to SCAPE discount rates, scheme improvements, consultations on access and protections, and conditions for transfers.
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Independent Governance Review
Recommendations ApprovedLancashire Local Pension Board noted the intention to undertake an Independent Governance Review of the Lancashire County Pension Fund. The review is required by 31 March 2028, with the intention to procure a reviewer and undertake the review early in 2027/28. Officers will develop the review scope and procure an assessor.
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Welcome and Apologies.
Recommendations Approved -
Pension Administration Update
Recommendations ApprovedThe Lancashire Local Pension Board considered pension administration matters. The Board noted the Service Level Agreement performance data, 30-day member experience data for active retirements, annual benefit statement performance including the McCloud remedy, the Pensions Dashboard programme update, and progress on Overseas Life certificates.
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Minutes of the Last Meeting.
Recommendations ApprovedThe Lancashire Local Pension Board decided to note the constitution and membership of the board and its terms of reference on 15 July 2026. The board also approved the 2025/26 Annual Report and recommended its inclusion in the Lancashire County Pension Fund Annual Report & Financial Statements. The Head of Fund will review the board's membership to identify demographic factors for future recruitment.
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Lancashire County Pension Fund Risk Register
Recommendations ApprovedThe Lancashire Local Pension Board considered updates on key risks. The board was asked to comment on updates regarding cyber resilience and information security, and local government reorganisation.
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Investment Strategy Statement
Recommendations ApprovedThe Lancashire Local Pension Board considered the draft Investment Strategy Statement on 20 October 2026. The Board was asked to provide comments on the governance processes and the detail of the draft statement. The draft statement includes a proposed increase in local investment to 3% of the Fund's portfolio and a revised strategic asset allocation.
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Lancashire County Pension Fund - Governance Matters
Recommendations ApprovedThe Lancashire Local Pension Board considered updates on governance issues for the Lancashire County Pension Fund on 20 October 2026. The Board was asked to comment on the draft Governance Strategy document. The draft Governance Strategy outlines the framework for administering, governing, and investing the Fund, aiming for effective oversight, accountability, and compliance.
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Pension Fund Committee 18 September 2026 agenda review
Recommendations ApprovedThe Lancashire Local Pension Board was asked to consider and comment on reports reviewed by the Pension Fund Committee on 18 September 2026. The Board's role is to assist Lancashire County Council in ensuring the effective and efficient governance and administration of the Lancashire County Pension Fund.
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Lancashire County Pension Fund - Conflicts of Interest Policy
Recommendations ApprovedThe Lancashire Local Pension Board considered a draft Conflicts of Interest Policy for the Lancashire County Pension Fund. The Board was asked to comment on the policy, which sets out how conflicts of interest are identified, monitored, and managed. The policy was approved by the Pension Fund Committee in September 2026, subject to minor amendments.
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