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.

• Investment Update Report

  Recommendations Approved

  ...to determine the appropriate action based on the Investment Update Report summarizing the fund's performance up to December 2024 and its implications.

• Lancashire Local Pension Board Workplan 2025/26

  Recommendations Approved

  ...to approve the 2025-26 workplan for the Lancashire Local Pension Board.

• Disclosure of Pecuniary and Non-Pecuniary Interests

  Recommendations Approved

• Local Pensions Partnership Limited - Shareholder Update

  Recommendations Approved

  ...to determine a course of action following a shareholder update on Local Pensions Partnership activities.

• Lancashire County Pension Fund - Compliance Report in line with the Pension Regulator's General Code of Practice

  Recommendations Approved

  ...to determine the Lancashire County Pension Fund's compliance with the Pension Regulator's General Code of Practice.

• Investment Panel Report

  Recommendations Approved

  ...to determine a course of action based on the Investment Panel's updates from December 5th, 2024, and February 3rd, 2025.

• Annual Breaches Report

  Recommendations Approved

  ...to determine the appropriate action regarding the Annual Breaches Report, which updated the committee on LCPF breaches occurring between January 1, 2024, and December 31, 2024.

• Local Pensions Partnership Limited Budget 2025/26 and Strategic Updates

  Recommendations Approved

  ...to approve the Local Pensions Partnership Limited Annual Budget for 2025/26, discuss a proposal on the growth of the Local Pensions Partnership Administration business, and review the outcomes of a legal analysis on administration agreements, including risk mitigation recommendations.

• External Audit Findings Report 2023-24

  Recommendations Approved

  ...to review the external auditor's findings regarding the audit of the Lancashire County Pension Fund's annual accounts for the year ended 31 March 2024, as detailed in Appendix A of the report.

• Minutes of the last meeting.

  Recommendations Approved

  ...the recommendations presented to the committee were approved.

• LCPF Strategic Plan 2025/26.

  Recommendations Approved

  ...to determine the approval of the Lancashire County Pension Fund's Strategic Plan for 2025/26.

• Exclusion of Press and Public

  Recommendations Approved

• Responsible Investments Report

  Recommendations Approved

  ... to consider and comment on the Responsible Investments Report, which provides an overview of responsible investment activity by Local Pensions Partnership Investment Limited (LPPI) and the Lancashire County Pension Fund, including key points on climate change metrics, the Transition Pathway Initiative, and the Stewardship Code.

• Training Plan 2025/26

  Recommendations Approved

  ...to ensure members have sufficient knowledge and understanding to undertake their roles adequately, the Committee approved the Training Plan for 2025/26, which includes LOLA modules, bespoke workshops, and external training opportunities.

• Pension Fund Budget 2025-26.

  Recommendations Approved

  ...to approve the Pension Fund Budget for the year ending 31 March 2026, as set out in Appendix 'A' to the report, which includes a net deficit of £40.3m after adjusting for upfront contribution payments.

• Budget Monitoring 24-25 - Q3

  Recommendations Approved

  ...to address budget monitoring for 2024-25, the committee reviewed the financial results for the nine months ending December 31, 2024, and noted the budget and forecast variances outlined in the provided report, which indicated a lower deficit than initially budgeted.

• 2024/25 Training Record and pension related training for Committee members.

  Recommendations Approved

  ...to determine the 2024/25 Training Record and pension-related training for Committee members.

• Environmental Opportunities

  Recommendations Approved

  ...to determine the proposal for the Environmental Opportunities Fund based on the Investment Panel's recommendation.

• Appointment of a new Scheme Member representative on the Lancashire Local Pension Board

  Recommendations Approved

  ...to determine the appointment of a new Scheme Member representative on the Lancashire Local Pension Board.

• Local Pensions Partnership Administration Update

  Recommendations Approved

  ...to determine the appropriate action following an update on the Local Pensions Partnership's administration performance for Q3 of 2024/25.

• Responsible Investment Task and Finish Group

  Recommendations Approved

  ... the committee approved the draft Responsible Investment Policy and the Implementation Plan for the activity required under the draft Taskforce on Climate-related Financial Disclosures (TCFD) Regulations.

• Inter Valuation Contributions Review.

  Recommendations Approved

  ...to reflect the Department for Education's guarantee introduced in November 2024, the committee approved revised contribution rates for Further Education colleges, effective from that date, reclassifying them as lower-risk employers and authorizing refunds for any overpaid contributions.

Attendees

Councillor County Councillor Matthew Brown Local Councillor Decision - Preston Central West Labour and Co-operative Party · Preston Central West

County Joan Burrows  Conservative

Councillor County Councillor Mark Clifford Local Councillor Decision - Clayton with Whittle Labour · Clayton with Whittle

County Jeff Couperthwaite  Conservative

County Frank De Molfetta  Labour

Councillor County Councillor Gina Dowding Deputy Leader of the Opposition, Local Councillor Decision - Lancaster Central Green · Lancaster Central

County Charles Edwards  Conservative

County John Fillis  Labour

County Andrew Gardiner  Conservative

County Eddie Pope  Conservative

County Alan Schofield  Conservative

County Ron Woollam  Conservative

Topics

No topics have been identified for this meeting yet.

Meeting Documents