The Lancashire Local Pension Board met on Tuesday 14 April 2026 to discuss a range of important matters concerning the Lancashire County Pension Fund. Key discussions included updates on regulatory changes impacting pension schemes, the ongoing development of a peer support initiative for LGPS funds, and a comprehensive review of the Fund's risk register. Decisions were made regarding the annual work plan and training for board members.

Scheme Advisory Board Peer Support Project

The Board received an update on the Scheme Advisory Board's (SAB) Peer Support project, which aims to formalise a framework for LGPS funds to gain external assurance for their governance activities. Sophia Chivandire, project lead for peer support, explained that this initiative is not an inspection or audit but rather a process of being a critical friend to promote best practice and sector-led improvement. The project is modelled on the Local Government Association's (LGA) successful corporate peer challenge for councils. The SAB has established a dedicated working group with representatives from various funds and is currently in the pilot scoping process. The Board was asked to consider the project's progress and provide feedback.

Pension Related Training, 2025/26 Training Record and Training Plan 2026/27

Jane Brown, Pensions Governance Lead, presented the training record for 2025/26 and the proposed training plan for 2026/27. The training plan aims to ensure compliance with new knowledge and understanding requirements for those involved in decision-making for the Fund. A key development for the coming year is the Fund's participation in the Hymans Robertson national assessment knowledge check, designed to assess and evidence compliance with training requirements. Board members discussed the nature of this assessment, with reassurance that it would not be a formal exam. The refresh of the Lola platform and the potential for built-in reminders for training completion were also discussed.

LLPB Annual Workplan

James Almond, Senior Governance Pensions Officer, presented the proposed Annual Workplan for the Lancashire Local Pension Board (LLPB) for 2026/27. The workplan, developed in consultation with the Chair, aligns with the Fund's three-year strategic plan and ensures the Board continues to undertake activities within its statutory remit, supporting compliance with LGPS regulations and promoting effective governance. A new element in the workplan is the development of a fund-specific conflict of interest policy. The Board was asked to approve the workplan.

Lancashire County Pension Fund - Governance Matters

Jane Brown provided an update on governance matters, including the outcomes of an internal audit into LPPA's Pension System Automation Change Management processes, which concluded that control measures were reasonably effective but recommended improvements in documentation. External audit of the 2024/25 accounts was signed off with one recommendation regarding backlogs of cases. Two non-reportable breaches were noted: a data breach involving information sent in error to Warrington Borough Council, and an overpayment due to a manual calculation error. The report also covered progress on the Pensions Bill, the appointment of an independent person to the Pension Fund Committee, and preparations for the Independent Governance Review. An update on Local Government Reorganisation (LGR) was also provided, highlighting the significant work required in administration and employer engagement.

Regulatory Update

Catherine Hunt, Technical & Administration Pension Lead, provided an update on various regulatory changes. Pensions will increase by 3.8% from April 2026, and member contribution bands will also increase. The Access and Fairness consultation will be implemented in two phases, with Phase 1 changes effective from April 2026. Material changes include the equalisation of survivor benefits and the removal of the age 75 cap for death grants. The Access and Protections consultation confirmed that councillors, mayors, and deputy mayors in England may opt to join the Local Government Pension Scheme from May 2026. Jo, from Local Pensions Partnership Administration Ltd (LPPA), provided further insight into the challenges posed by the volume and complexity of these regulatory changes, particularly in conjunction with other ongoing projects like McLeod Remedy and dashboard preparations.

Pensions Administration Update

Catherine Hunt presented an update on pensions administration, including Service Level Agreement (SLA) performance data, which remained strong at 99.1% overall. The average call wait time for the contact centre was within the target of 4 minutes. Improvements were noted in the retirement process, with a focus on employers providing timely notifications. The Collaborative Pensions Optimisation Project (CPOP) has concluded, leading to implemented improvements in staff guidance, system functionality, and the handling of leaver notifications. Updates were also provided on the McCloud remedy, with payment activity expected to begin in 2026/27, and the 2025 valuation, confirming employer contribution rates.

Pensions Dashboard

An update was provided on the government's Pensions Dashboard initiative. Lancashire County Pension Fund and Prudential connected to the Dashboard in December 2025. Controlled testing is ongoing, with LPPA reaching out to member panel participants for support. Daily reporting to the Money and Pensions Service will be required from November 2026. LPPA is undertaking data cleansing and a tracing exercise to ensure member data is accurate and up-to-date.

LCPF Risk Register

James Almond presented a review of the Lancashire County Pension Fund's risk register. Key risks discussed included Investment Strategy, Actuarial Valuation and Monitoring of Funding (where the residual risk rating has been reduced to Low), and Geopolitical Risk. A new risk, T8 Local Government Reorganisation (LGR), has been added to monitor preparations for LGR and its potential impact on the Fund. Other risks of note included reliance on key personnel and expertise, and cyber resilience and information security. The Board was asked to consider proposed amendments to key risks and the new risk template.

Pension Fund Committee 20 March 2026 Agenda Review

Mike Neville, Senior Democratic Services Officer, provided an update on the Part I items discussed at the Pension Fund Committee meeting on 20 March 2026. Key discussions relevant to the Board included the LCPF Strategic Plan 2026-29 and Budget 2026/27, a Fit for the Future update, and a review of the Funding Strategy Statement. An update was also provided on structural changes within Local Pensions Partnership Ltd to facilitate the expansion of the investment pool.

Urgent Business

No items of urgent business were raised.

Date of Next Meeting

The next scheduled meeting of the Pension Board will be held on Wednesday, 15 July 2026.