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 progress made on the development of a Lancashire and London Pensions Partnership (LLPP), including key issues such as the appointment of a Chair and non-executive directors and the submission of the application for registration to the Financial Conduct Authority. A draft business plan for the new business, which demonstrated the viability of the new company was set out at Annex 'C' of the report.

Gareth Henty, PricewaterhouseCoopers (PWC), attended and updated the Committee on the work PWC was undertaking to advise the County Council on the proposals. This included the following three workstreams:

-  Structure and Statutory Duties;

-  Business Processes;

-  The Outcome for Lancashire.

The Committee considered and discussed issues around governance, staffing structures and remuneration, proposals for the appointment of a Head of Fund, the impact of the forthcoming 2016 Actuarial Valuation, the role of the independent advisors and the importance of the LLPP retaining a public sector ethos.

The Committee requested further details of the remit of the LLPP Board and how that would impact the future role of the Committee and the Local Pension Board and it was agreed that this would be incorporated into one of the future scheduled briefings/workshops.

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