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 an update on the satisfactory progress made on the various documentation required for the development of a Lancashire and London Pensions Partnership.

Mark Packham, PricewaterhouseCoopers (PwC), attended and presented an update to the Pension Fund Committee on the financial business model produced by the Director of the Fund to assess the viability of the LLPP and the likely savings to the Lancashire County Pension Fund and the London Pensions Fund Authority (LPFA).

It was noted that discussions with the LPFA were on-going, and that further work would need to be undertaken by County officers and by PwC. The Committee also noted that consideration was being given to the appropriate mechanism for approving, for the purposes of the County Council's governance processes, the remuneration to be paid to Directors of the Partnership Board. 

Members were informed that further updates would be presented in due course.

Resolved: - That recommendations (i) – (iv) as set out in the report, now

presented, be approved.