Decision details

Part I reports considered by the Pension Fund Committee in March.

Decision Maker: Lancashire Local Pension Board

Decision status: Recommendations Approved

Is Key decision?: No

Decisions:

The Board considered a report on Part I items which had been considered at the Pension Fund Committee on the 17th March 2017.

 

Mike Neville informed the Board that the Terms of Reference set out at Appendix 'A' to the report differed slightly to the version which had been approved by the Committee as the wording at item 4 had subsequently been amended to reflect the fact that the Code of Conduct and Conflict of Interests Policy had been incorporated into the document as an Annex. 

 

It was noted that in accordance with the Conflict of Interest Policy all members of the Board would be requested to review any Financial and Non Financial interests they may have so that the Register of Interests could be updated.

 

It was further reported that the LCPF Budget for 2017/18 had been approved and details of the LPP budget would be presented to the next meeting of the Committee. In considering the matter the Board recognised that approval of the LPP budget may be a matter for the full County Council (as a joint owner of LPP) to determine rather than the Committee and it was suggested that a review of existing reserved matters be undertaken in order to clarify those items which would be determined by the Committee or full County Council.

 

The Board also acknowledged that the Committee had approved the Funding Strategy Statement and the 2016/17 external Audit Plan. Abbi Leech confirmed that details of the internal audit would be presented to the Committee in June.

 

Resolved:

 

1.  That the inclusion of the Code of Conduct and Conflict of Interests Policy into the revised Terms of Reference for the Board is noted.

 

2.  That a review of existing reserved matters be undertaken in order to clarify those items, including approval of the LPP budget, that should be determined by the full County Council (as a joint owner of LPP) or the Pension Fund Committee.  

 

3.  That the updates in relation to approval of the Funding Strategy Statement and the 2016/17 external Audit Plan are noted.

Contact: Mike Neville Email: mike.neville@lancashire.gov.uk Tel: (01772) 533431.

Report author: Mike Neville

Date of decision: 11/04/2017

Decided at meeting: 11/04/2017 - Lancashire Local Pension Board

Accompanying Documents: