Decision details

A report was presented regarding the review of the final out-turn position for the Lancashire County Pension Fund, including a set of draft unaudited statutory accounts for review and comment.

When considering the report the Committee discussed the proportion of investment management expenses for the Fund and recognised that those expenses were based upon a percentage of the value of the assets under management. As a result the significant growth in the value of the Fund during 2016/17 was expected to lead to an increase in management fees, though it was not considered to be unreasonable given current market conditions. With regard to transparency it was noted that the Local Pensions Partnership had already signed up to and complied with the Scheme Advisory Board Transparency Code regarding reporting.

In response to a query regarding the figure for Debtors set out at 'Current Assets' in the accounts the Head of Fund undertook to provide members of the Committee with a breakdown of the figure outside of the meeting.

Resolved:

1.  That the final outturn positon and review of the 2016/17 Accounts of the Fund, as set out in the report presented, are noted and referred to the Audit & Governance Committee for approval at its meeting in July 2017.

2.  That the Head of Fund be requested to provide members of the Committee with a breakdown of the figure for Debtors set out at 'Current Assets' in the accounts.