Decision Maker: Lancashire Local Pension Board
Decision status: Recommendations Approved
Is Key decision?: No
Regulatory update to assist members of the
Pension Board to exercise their functions as a member of the
Pension Board effectively.
Mr Smith, Technical Adviser Pensions for the LCPF, updated the Board on the following pension regulatory matters.
· The Local Government Pension Scheme (LGPS) (Miscellaneous Amendment) Regulations 2018 [SI 2018/1366]
· Actuarial factors
· Cost Cap update
· Quadrennial valuations
· Pensions Increase
· Fair Deal – Strengthening pension protection – Consultation
The Chair informed the Board that at the recent LGPS Governance Conference it had been announced that the next local Fund valuation would be in 2023. With regard to the Fair Deal consultation it was suggested that members of the Board send any comments on the proposed amendments to Mr Smith who would draft a response which could be shared with Board Members before submission.
1. That the regulatory updates set out in the report and given at the meeting are noted.
2. That individual members of the Board send any comments they may have in relation to the introduction of Fair Deal proposals into the Local Government Pension Scheme to Mr Smith before the 15th March 2019 so that they can be collated into a single response on behalf of the Board. The draft response to be shared with all members of the Board before being submitted ahead of the 4th April 2019 deadline.
3. That the Early Retirement fact sheet published on the Your Pension Service website be updated to reflect current guidance.
Report author: Colin Smith
Date of decision: 29/01/2019
Decided at meeting: 29/01/2019 - Lancashire Local Pension Board