The Lancashire Local Pension Board met to discuss regulatory updates, training, and the fund's communications strategy. The board reviewed progress against its work plan for the year, and received an update on local government reorganisation in Lancashire and London. The board also received reports from the Pension Fund Committee, including updates on the annual report, governance compliance, responsible investments, and the funding strategy statement.

Lancashire County Pension Fund Communications Strategy Update

The board discussed the Lancashire County Pension Fund's communications strategy, which aims to improve how the fund communicates and engages with members and employers. The strategy seeks to ensure easy access to information about fund developments and support for members' pension journeys.

The board considered feedback from employers, scheme members, and board members, which highlighted several key themes:

• Website Improvement: Stakeholders suggested improvements to the fund's website, including better search functionality, short videos, a feedback option, a news section, and a frequently asked questions (FAQ) section.
• Training and Support: Employers requested more training on their responsibilities, a more structured onboarding process, and regular webinars and video tutorials.
• Employee Engagement and Awareness: Stakeholders noted that many employees do not understand the value of their pension and suggested promoting pre-retirement workshops and awareness of additional voluntary contributions (AVCs).
• Accessibility: Stakeholders requested the ability to speak directly with an individual rather than relying on systems and emails.

The board considered a gap analysis of the fund's communications activity compared to other Local Government Pension Scheme (LGPS) funds, which identified potential developments such as short videos, feedback options, a news section, and an FAQ section on the fund's website.

The board also discussed the potential for third-party provision of retirement presentations and the use of annual newsletters to encourage website and portal registration.

The board noted that Local Pensions Partnership Administration (LPPA) is focused on developing its website and increasing member registration with the member portal, with a campaign called 'Get Online Week' commencing 20 October 2025.

The board agreed to consider the cost of a paper-based exercise for some members, ensure employers are aware of communication tools available to them, liaise with web development companies to improve the fund's website, review the new employer onboarding process, consider a social media presence for the fund, and consider promoting third-party companies for pre-retirement workshops.

Part I Reports on the Pension Fund Committee Agenda

The board received an update on the Part I reports considered by the Pension Fund Committee on 19 September 2025. The Interim Head of Fund provided updates on decisions taken by the committee in relation to the following items:

• Pension Fund Annual Report 2024/25: The report highlighted that membership had increased to 205,000, assets had increased to £12 billion, the funding level remained healthy, and the estimated annual fee saving from pooling was calculated to be £22 million. The committee approved the draft report, delegating authority to the head of fund to make minor changes, include the external audit opinion, and update accounting information.
• Lancashire County Pension Fund Governance Compliance Statement: The board had previously reviewed the statement, and the committee approved it.
• Responsible Investments Report: The report updated the committee on responsible investment activity undertaken by Local Pensions Partnership Investments (LPPI) on behalf of the fund. The CEO of LPPI confirmed that there were no investments in fossil fuel extraction and agreed to provide further information regarding the fund's investments in Israel.
• Draft Funding Strategy Statement Review: The funding actuary presented the statement, explaining that it would dictate how the fund would engage with employers over the next three years and likely result in a material reduction in employer contribution rates and a significant increase in the prudence of the assumptions for the fund. The committee agreed that the assumptions in the draft would be presented to employers as part of the consultation, with the outcome of the consultation to be fed back to the committee.

Regulatory Update

The board received an update on various regulatory issues and industry news. Key topics included:

• Pensions Bill/Fit for the Future: Following the Pension Investment Review consultation, the government informed two pools (Access and Brunel) that they had failed to meet the government's vision for the future of the LGPS[^2]. The 21 LGPS pension funds participating in those pools must identify a new pooling arrangement by 30 September 2025 and fully pool their assets by March 2026. The Pension Fund Committee agreed in principle to admit new partner funds into the LPPI pool. The Pensions Bill also covers requirements on fund governance, which will necessitate further work by governance specialists at funds to ensure compliance with new requirements. [^2]: The Fit for the Future consultation was launched by the government to review the LGPS and ensure it is fit for purpose.
• Access and Fairness Consultation: The consultation launched by the Ministry for Housing, Communities and Local Government (MHCLG) to improve fairness in and access to the LGPS closed on 7 August 2025. The proposals include addressing survivor pensions and death grants, addressing the gender pension gap in the LGPS, collecting data on how many members opt out of the scheme and reasons for this, changes to forfeiture, technical changes to how the McCloud remedy[^3] operates, and other miscellaneous changes. [^3]: The McCloud remedy addresses age discrimination found in the 2015 reforms to public sector pensions.
• Pension Commission Revived: On 21 July 2025, Liz Kendall, the Secretary of State for Work and Pensions, issued a ministerial statement confirming the revival of the Pensions Commission to look at the long-term future of the pensions system and how to ensure it can support people in retirement and is both fair and sustainable.
• Access to the LGPS for Councillors in England: On 28 September 2025, Steve Reed MP, Secretary of State for Housing, Communities and Local Government, announced the Government's intention to allow councillors in England to join the LGPS. The MHCLG is expected to consult on changes to the LGPS regulations to implement this policy.

Pension Related Training for Board Members

The board received an update on training involving board members since the last meeting in July 2025. Training included a valuation workshop, a LOLA¹ live session on the role of the board, and the Pensions UK Annual Conference.

Lancashire Local Pension Board Workplan 2025/26 Progress Report

The board received an update on the progress of activities undertaken so far in 2025/26, as set out in the Lancashire Local Pension Board Workplan 2025/26 Progress Report. The report detailed actions taken in relation to governance, administration performance, and Lancashire Pension Fund policies.

Local Government Reorganisation

The board received an update on local government reorganisation (LGR) in Lancashire and London. Councillor Waller reported that the government remains intent on LGR and that all two-tier areas are required to submit proposals by the end of November. In Lancashire, there are 15 councils, and the requirement is to come up with a single submission to the government that sets out a proposal for alternative unitary council design. The submission will have multiple options, ranging from two unitary councils to three, four, or five different unitary models. The government has set out six key criteria for assessment of proposals, one of which is population size, with a guide of around 500,000 as a sensible population. The total population of all 15 councils is around 1.5 million, so three would seem to be a good position.

The board noted that Pete George, the new head of fund, has experience with LGR from his previous role in Cumbria. The board also discussed the intention for LGR in London, with potential reductions in the number of boroughs and pension funds.