Decision details

(Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972. It was considered that in all the circumstances of the case the public interest in maintaining the exemption outweighed the public interest in disclosing the information).

The Head of Fund presented a report on the Part II items which had been considered by the Pension Fund Committee on the 15^th September 2017 and updated the Board on decisions taken. The Board considered each item in turn, making comments as appropriate.

a)  Lancashire Local Pension Partnership – Quarter 12 Update.

The Head of Fund outlined the presentation given by representatives from the Local Pensions Partnership (LPP) on the investment and administration functions operating within LPP.

b)  Investment Panel Report

It was reported that the Investment Panel had reviewed the current Investment Strategy and agreed some minor amendments around asset allocations.  It was noted that the Strategy would be discussed further at the workshop in November when Board members would be able to comment, with final recommendations being presented to the Committee in December 2017.

c)  LCPF Performance Overview June 2017

The LCPF continued to outperform both internal and external actuarial benchmarks. The Chair noted that recent years had been exceptional in terms of investment performance and suggested it was unlikely that such a level of performance was sustainable.

In response to a query the Head of Fund confirmed that the County Council had recently appointed Mr Jensen as the Director of Investments and he would be working with the Council's Treasury Management Team. It was also noted that Mr Jensen would provide a strategic advisory role to the Local Pensions Partnership in an independent advisory capacity.

Resolved:

1.  That the report and the comments of the Board are noted.

2.  That the County Councils appointment of Mr M Jensen as Director of Investments is noted.