The Pension Shareholder Governance Committee of Lancashire County Council met on Monday, 12 October 2026, approving the appointment of a Deputy Chair, confirming future meeting dates and a work plan, and noting updates on the Local Pensions Partnership Ltd (LPPL) and Local Pensions Partnership Investments Holdings Ltd (LPPIHL).

Programme of Meetings and Work Plan

The committee approved the dates for its next two meetings, which will be held in the Palatine Room at County Hall, Preston. The first will take place at 2:00 pm on 13 January 2027, and the second at 10:00 am on 30 March 2027. This decision finalises the committee's meeting schedule for the 2026/27 financial year.

Additionally, the committee noted the proposed programme of meetings for 2027/28, which will be presented to Full Council on 15 October 2026 for approval. The committee also approved its initial Work Plan for future meetings. This plan outlines specific items of business to be addressed, based on the expected timing of shareholder decisions required by the committee's Terms of Reference. It was noted that additional items can be added to the Work Plan as needed. The Head of Fund mentioned that a report on the Lancashire County Pension Fund Conflict of Interest Policy, which will apply to committee members, is planned for the next meeting.

Shareholder Update Report

The committee received an update on matters discussed at the Local Pensions Partnership Ltd (LPPL) Board meeting on 15 September 2026, and the Local Pensions Partnership Investments Holdings Ltd (LPPIHL) Board meeting on 30 September 2026.

Key points from the LPPL Board meeting included positive progress on the LPPA business plan, the successful production of Annual Benefit Statements for scheme members by the regulatory deadline, and an update on the LGR pause and its impact. The Board also reviewed governance arrangements within LPP Ltd and LPPA, and noted the upcoming AGM.

Regarding the LPPIHL Board meeting, updates were provided on investment performance, particularly concerning the Global Equity Fund. It was noted that short-term performance was influenced by a lower proportion of investment in the technology sector compared to benchmark indices. Work is ongoing to explore additional investment opportunities in equities, and LPPI's approach to Responsible Investment is being reviewed to achieve consensus among partner funds. The development of Investment Strategy Statements by the nine partner funds was also discussed, with Lancashire Pension Fund having approved its draft. A deep dive into the Global Equity Fund's performance indicated satisfaction with LPPI's approach over the long term, with the fund having delivered on its objective of 8-10% annualised returns. A quarterly finance report indicated expenditure was broadly in line with the budget.

Appointment of Deputy Chair

County Councillor J Tetlow was appointed as the Deputy Chair of the Pension Shareholder Governance Committee. This decision followed a deferral from the previous meeting.

Minutes of the Last Meeting

The minutes of the previous meeting, held on 30 July 2026, were confirmed as an accurate record, subject to a minor amendment, and will be signed by the Chair.