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Lancashire Local Pension Board - Tuesday, 21st October, 2025 2.00 pm
October 21, 2025 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, 21 October 2025, to discuss various updates and reports concerning the Lancashire County Pension Fund. Key discussions included progress on the fund's communications strategy, regulatory updates, and the ongoing workplan for the board. The date of the next meeting was noted as 27 January 2026.
Communications Strategy Update
The board received an update on the progress of reviewing the Lancashire County Pension Fund's Communications Strategy. Fund officers have collated feedback from stakeholders, including employers and scheme members, to identify areas for improvement. Key themes emerging from this feedback include the need for better employer training and support, improved communication accessibility, and enhanced employee engagement regarding pension benefits. The strategy aims to provide a clear blueprint for how the fund communicates and engages with its members and employers, ensuring easy access to necessary information.
Discussions also focused on the collaborative work with Local Pensions Partnership Administration (LPPA) to develop the fund's communications. LPPA is primarily focused on enhancing its website and increasing member portal registrations, with a campaign called 'Get Online Week' commencing on 20 October 2025. While a digital first
approach is recognised as cost-effective, the need for paper-based communication options was also acknowledged. Fund officers are exploring the costs of a paper-based exercise and will work with LPPA to ensure employers are aware of available communication tools. Further steps include liaising with web development companies to improve the fund's website and considering a social media presence.
Regulatory Update
The board was updated on several significant regulatory developments impacting pension funds. The Fit for the Future
initiative has led to two pension pools, Access and Brunel, being informed that they have not met the government's vision for the Local Government Pension Scheme (LGPS). The 21 LGPS pension funds participating in these pools must identify new pooling arrangements by 30 September 2025. The Lancashire County Pension Fund is considering its position and is in discussions with potential future pooling partners.
Additionally, the Pensions Bill includes new requirements for fund governance, necessitating further work by governance specialists. The board is participating in a Scheme Advisory Board working group to explore a peer support offer to complement the triennial Independent Governance Review. The Access and Fairness
consultation, aimed at improving fairness and access to the LGPS, has closed, with proposals covering survivor pensions, the gender pension gap, and changes to forfeiture rules. The government is also expected to consult on allowing councillors in England to join the LGPS, a policy previously in place before April 2014.
Lancashire Local Pension Board Workplan 2025/26 Progress Report
An update was provided on the progress of activities undertaken by the Lancashire Local Pension Board during the 2025/26 financial year. The report highlighted ongoing work on the risk register, which is presented at each meeting, with a full review occurring biannually. The board has supported the streamlining of the risk register to clearly identify key risks and mitigations.
Progress on the annual review of the board's effectiveness, conducted by the Chair, was noted, with recommendations for widening member focus and utilising individual board members' networks for employer and member engagement. The draft annual report for 2024/25 was approved for inclusion in the Lancashire County Pension Fund Annual Report. Updates on cyber security and employer engagement for the 2025 Valuation were also mentioned. The report also detailed ongoing work on various fund policies, including the Funding Strategy Statement, Pensions Administration Strategy, and Communications Strategy.
Pension Related Training for Board Members
The board reviewed updates on pension-related training undertaken by its members since the July 2025 meeting. This included participation in a LCPF Valuation workshop, a LOLA live session on the Role of the Board,
and the Pensions UK Annual Conference. Several board members have also completed online LOLA training modules covering topics such as Pensions Accounting & Audit Standards and Investment Performance & Risk Management. The importance of completing knowledge checks on the LOLA platform to record learning was reiterated.
Part I Reports on the Pension Fund Committee Agenda
The board was updated on Part I reports considered by the Pension Fund Committee on 19 September 2025. These included the Pension Fund Annual Report 2024/25, the Lancashire County Pension Fund Governance Compliance Statement, the Responsible Investments Report, and the Draft Funding Strategy Statement Review. The Interim Head of Fund provided updates on decisions made by the committee regarding these items.
The meeting also noted the date of the next meeting, scheduled for 27 January 2026. The LCPF Breaches Report, Disclosure of Pecuniary and Non-Pecuniary Interests, Minutes of the Last Meeting, and Part II reports on the Pension Fund Committee agenda were noted.
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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Urgent Business.
Recommendations Approved -
Date of Next Meeting.
Recommendations Approved -
Exclusion of Press and Public.
Recommendations Approved -
LCPF Breaches Report
Recommendations Approved...to approve the recommendations related to the breaches and complaints reported for the period of June 1, 2025, to August 31, 2025.
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Disclosure of Pecuniary and Non-Pecuniary Interests.
Recommendations Approved -
Minutes of the Last Meeting.
Recommendations Approved...to approve recommendations regarding the Lancashire County Pension Fund's governance, training, annual review, annual report, compliance statement, employer performance, communications strategy, risk register, pension administration, disclosure reporting, pensions dashboard, assurance reporting, cyber security, breaches, and complaints.
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Part II reports on Pension Fund Committee agenda.
Recommendations Approved...to approve the recommendations outlined in the Part II reports considered at the most recent Pension Fund Committee meeting.
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Part I reports on the Pension Fund Committee agenda.
Recommendations Approved...to consider and comment on the Part I reports, including the Pension Fund Annual Report 2024/25, Lancashire County Pension Fund Governance Compliance Statement, Responsible Investments Report, and Draft Funding Strategy Statement Review, considered by the Pension Fund Committee on 19 September 2025 and any decisions taken.
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Pension related training for Board members
Recommendations Approved...to review the provided details on pension-related training undertaken by Board members since July 2025 and provide feedback.
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Lancashire County Pension Fund - Communications Strategy update
Recommendations Approved...the Board approved the recommendations to consider the findings and conclusions of the Communications Strategy review to date and to plan future actions.
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Pensions Dashboard
Recommendations Approved...to approve recommendations regarding the steps being taken to ensure compliance with the government's Pension Dashboard connection deadline.
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LCPF Risk Register
Recommendations Approved...to approve recommendations following an update and review of the Lancashire County Pension Fund's risk register.
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Pension Administration Update
Recommendations Approved...to approve the recommendations outlined in the Pension Administration Update report, which covered administration matters such as performance, service level agreements, data returns, communication, the retirement action plan, and the valuation of the Lancashire County Pension Fund.
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Welcome and Apologies.
Recommendations Approved -
General Code of Practice Update
Recommendations Approved...to approve the recommendations regarding the Fund's compliance with the Pension Regulator's General Code of Practice, following previous updates.
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Lancashire Local Pension Board Workplan 2025/26 progress report
Recommendations Approved...they approved the recommendations related to the Lancashire Local Pension Board Workplan 2025/26 progress report, which provided an update on the Board's activities so far in the year.
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Regulatory Update
Recommendations Approved...to consider and comment on the regulatory update regarding various industry news and regulatory changes impacting the Lancashire County Pension Fund.
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