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Lancashire Local Pension Board - Tuesday, 22nd July, 2025 2.00 pm
July 22, 2025 Lancashire Local Pension Board View on council websiteSummary
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The Lancashire Local Pension Board met on Tuesday 22 July 2025 to discuss a range of regulatory updates, training plans, and the fund's governance and communications strategies. Key discussions included the draft 2024/25 Annual Report for the Board and an expanded approach to employer engagement.
Constitution, Membership and Terms of Reference
The Board noted its current constitution of nine members and its Terms of Reference. This included the appointment of County Councillor Hannah Whalley as an employer representative for Lancashire County Council.
Regulatory Update
Ms Catherine Hunt, Technical & Administration Pensions Lead, provided an update on several regulatory matters. The Scheme Advisory Board's Annual Report indicated an increase in LGPS membership and total assets, with positive investment returns. The Fit for the Future
consultation response from the government supports asset pooling and changes to fund governance, with a move towards six LGPS pools. The Access and Fairness
consultation proposes several changes to improve fairness and access within the scheme, some of which may have retrospective application and increase administrative burden. Further information on fund governance implications would be provided once statutory guidance is released.
Training Plan 2025/26 and Pension Related Training for Board Members
Ms Jayne Brown, Pensions Governance Lead, presented the revised Training Plan for 2025/26, which includes additional induction sessions and support for new members following recent local elections. The Board's training records were updated. Mr Robert McElvaney was introduced as the new Interim Head of Fund, and the Board thanked the outgoing Head of Fund, Mr Sean Greene, for his contributions.
Annual Review of the Lancashire Local Pension Board
The Chair, Fiona Miller, presented the findings of her annual review of the Board's effectiveness. The Board considered widening the focus of its members, with some undertaking detailed scrutiny and others a more strategic approach. The Board will continue to work with Local Pensions Partnership Administration (LPPA) to develop metrics for performance oversight and to utilise Board members' networks for better engagement with employers and members. The Board will continue to receive training and support, with in-house sessions planned on valuations, responsible investment, and investment strategy, alongside LOLA online modules.
Lancashire Local Pension Board - Annual Report 2024/25
The Board considered the draft 2024/25 Annual Report, which summarises the Board's activities. It was recommended to the Pension Fund Committee for approval and inclusion in the Lancashire County Pension Fund Annual Report. The Chair was authorised to make minor amendments to minimise duplication with the main Fund Annual Report.
Lancashire County Pension Fund - Governance Compliance Statement
Ms Brown presented a revised Governance Compliance Statement, updated to reflect changes to the Fund's Training Policy and the introduction of the LGPS Online Learning Academy (LOLA). The Board's comments on the draft statement would then be recommended to the Pension Fund Committee for approval.
Employer Performance
Ms Julie Price, Funding & Employer Risk Lead, reported on the monitoring and improvement of employer performance. LPPA, supported by Fund Officers, manages employer engagement, with a focus on timely and accurate data provision. The Board noted the current approach and approved an expanded approach to employer engagement, which will include Colleges, Universities, Academy Trusts, and Housing Associations. The Board requested to be kept informed of trends and improvements in employer performance reporting. The review of the Pensions Administration Strategy Statement (PASS) was also discussed, with a project plan outlining the review process.
Lancashire County Pension Fund - Communications Strategy
Ms Brown presented the project plan for a review of the Fund's Communications Strategy. The aim is to enhance communication with stakeholders, ensuring easy access to information and a cohesive member journey. Board members were asked to consider if any of their networks could support this project and to comment on the proposed plan. It was noted that the strategy would need to complement the services provided by LPPA and consider the digital gap.
Part I reports on Pension Fund Committee agenda
The Head of Fund provided an update on the Part I reports considered by the Pension Fund Committee on 20 June 2025. Key items included the Lancashire County Pension Fund Budget 2024/25, which showed a healthy surplus due to higher-than-expected income and lower costs, and the External Audit Plan 2024/25.
Urgent Business
Mr Simon Lawrence and Mr Mark Davies raised concerns about the potential impact of local government reorganisation on the Lancashire County Pension Fund. The Head of Fund reported that discussions were underway with another fund that had experienced reorganisation to learn from their experience. The implications for pooling arrangements and the potential need for the pension fund to find a new home were discussed. The Board was also updated on the outcome of the Fit for the Future
consultation regarding the future of LGPS pools.
LCPF Risk Register
The Board noted updates on various risks associated with the Fund, including those related to the provision of statutory information, fund governance, and compliance with McCloud requirements. Amendments to specific risks were recommended to the Pension Fund Committee for approval.
Pension Administration Update
Ms Darbyshire, CEO of LPPA, provided an update on pension administration matters, including active retirements, data submission by employers, and the implementation of the McCloud remedy. The Board noted the updates and recommended that the Pension Fund Committee approve actions relating to annual benefit statement regulations.
Disclosure Reporting
The Board considered a report on the quarterly disclosure reporting produced by LPPA, in line with Regulations and the General Code of Practice, and approved the proposed format and frequency of future reporting.
Pensions Dashboard
An update was provided on the progress being made by LPPA and Fund Officers to ensure compliance with the government's Pension Dashboard connection deadline of 31 October 2025.
Assurance Reporting - Pensions Administration
Ms Morville-Smith, Head of Risk and Compliance at LPPA, presented a report on independent assurance reporting of LPPA's internal controls. The Board noted the adequacy and effectiveness of LPPA's administration systems and controls as outlined in the AAF Assurance report.
LCPF Cyber Security
An update was provided on the Fund's Cyber Security Strategy, including the testing of the Cyber Incident Response Plan and data and asset mapping. Mitigating actions for identified high and medium risks were noted.
LCPF Breaches & Complaints Report
The Board noted a summary of contribution, data, administration breaches, and complaints received between March and May 2025.
Part II reports from the most recent Pension Fund Committee
The Board noted the Part II reports considered by the Pension Fund Committee on 20 June 2025.
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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Constitution, Membership and Terms of Reference
Recommendations Approved...to determine the presented constitution, membership, and Terms of Reference of the Pension Fund Committee, as approved by Full Council.
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Minutes of the Last Meeting.
Recommendations Approved...to hold their next scheduled meeting on 22 July 2025 in Committee Room 'B' - The Diamond Jubilee Room at County Hall, Preston.
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Regulatory Update
Recommendations Approved...to determine a course of action regarding the regulatory update and industry news presented to them.
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Annual Review of the Lancashire Local Pension Board.
Recommendations Approved...to determine the outcome of the Chair's Annual Review of the Lancashire Local Pension Board's operation.
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Lancashire County Pension Fund - Governance Compliance Statement
Recommendations Approved...to determine the Lancashire County Pension Fund's Governance Compliance Statement after reviewing its content and background requirements.
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Lancashire Local Pension Board - Annual Report 2024/25
Recommendations Approved...to consider and potentially approve the draft 2024/25 Annual Report on the Lancashire Local Pension Board's activities, with the intention of referring it to the Pension Fund Committee.
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LCPF Cyber Security
Recommendations Approved...to update the Board on the LCPF Cyber Security Strategy, specifically the testing of the Cyber Incident Response Plan and Data & Asset Mapping, for determination.
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Training Plan 2025/26 and pension related training for Board members
Recommendations Approved...to note the amended Training Plan for 2025/26, which was revised to support new Pension Fund Committee members and also applies to Board members.
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Employer Performance
Recommendations Approved...to determine a course of action regarding the monitoring of employer performance and the steps to be taken when performance falls below the expected standard.
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Lancashire County Pension Fund - Communications Strategy
Recommendations Approved...to determine the updated project plan and timescales for the Lancashire County Pension Fund's Communications Strategy review.
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Urgent Business.
Recommendations Approved -
Part I reports on Pension Fund Committee agenda
Recommendations Approved...to determine a course of action based on an update regarding Part I reports considered at the most recent Pension Fund Committee meeting.
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Pension Administration Update
Recommendations Approved...to determine a course of action regarding pension administration matters, including performance, service level agreements, communication, retirement action plans, and valuation.
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Part II reports from the most recent Pension Fund Committee.
Recommendations Approved...to review Part II reports from the most recent Pension Fund Committee meeting for determination.
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Disclosure of Pecuniary and Non-Pecuniary Interests.
Recommendations Approved -
Exclusion of Press and Public.
Recommendations Approved -
LCPF Risk Register
Recommendations Approved...to update the Board on the risks related to the Lancashire County Pension Fund and conduct a partial review of the risk register, focusing on key risks.
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Disclosure Reporting
Recommendations Approved...to determine the next steps regarding compliance with Disclosure regulations.
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Pensions Dashboard
Recommendations Approved...to determine the next steps regarding compliance with the government's Pension Dashboard connection deadline, following an update from LPPA and Fund Officers.
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LCPF Breaches & Complaints Report
Recommendations Approved...to note the update on reported breaches and complaints from March 1, 2025, to May 31, 2025, for determination.
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Assurance Reporting - Pensions Administration
Recommendations Approved...to determine a course of action regarding the independent assurance reporting of LPPA's internal controls, based on an external AAF Type 2 report and a briefing from LPPA's Head of Risk and Compliance.
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