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 Committee considered a report setting out a proposed approach to developing arrangements in response to the Government’s agenda for the creation of six pools of investment assets, each of around £25bn. The proposals formed part of the Government’s overall agenda for reform of the Local Government Pension Scheme.

George Graham, Director, Lancashire County Pension Fund (LCPF), reported that the work being undertaken to create the LLPP was part of this overall agenda and that the approach set out in the report aimed to protect the investment already made in the creation of the LLPP and grow the number of funds which share a similar approach to that of the LCPF, and with which the LCPF works.

It was noted that Funds were required to make a submission by 19 February 2016 setting out how they propose to address this requirement.

Resolved: - That:

(i)  The approach to developing arrangements in response to the Government’s pooling agenda, as set out in the report now presented, be approved;

(ii)  The Director, Lancashire County Pension Fund, in consultation with the Chair of the Pension Fund Committee, be authorised to prepare and submit a detailed response to the Government in line with the required timetable.