Decision details

Lancashire County Pension Fund - Discretionary Policies Update

Decision status: Recommendations Approved

Is Key decision?: No

Decisions:

The Committee considered a report which provided an update on the Fund’s discretionary policies.

 

The report:

 

-  Summarised consultation feedback in respect of the five ‘key’ discretionary policy areas and made recommendations accordingly;

-  Presented a summary of the remaining refreshed or restated policies (other than death grants);

-  Proposed specific changes to the death grants policy.

 

Andy Brown, Policy and Operations Manager, LCPF, reported that there had been positive feedback in response to the consultation on the top five key discretions. The death grants policy had last been amended in 2014 and whilst it worked well in practice, it was proposed to make specific changes as follows:

 

-  The payment of death grants where the beneficiary would be a young adult or child;

-  The payment of grants where a pensioner does not have mental capacity to manage their own financial affairs.

 

Resolved: - That:

 

(i)  The original proposals in respect of the five key discretions, as set out in the report, now presented, be approved;

(ii)  The proposed policies covering remaining discretions (excluding death grants), as set out in the report, now presented, be approved;

(iii)  The proposed changes to the existing death grants policy, as set out in the report, now presented, be approved;

 

Date of decision: 29/01/2016

Decided at meeting: 29/01/2016 - Pension Fund Committee

Accompanying Documents: