Decision details

The Committee considered the 2010/11 internal audit annual report for the Lancashire County Pension Fund.

The Committee was informed that based on the internal audit work undertaken during the year, the Audit Service was able to provide substantial assurance over the internal control environment for the Pension Fund and pension administration. 

This was particularly pleasing as the Lancashire Pensions Service had been under considerable pressure during 2010/11 arising from the additional work involved both in processing the abnormal level of redundancies required this year across the scheme's employers and also from the implementation of the new pensions administration system.

It was confirmed that management responses to the report findings had been positive and action had or would be taken to address the recommendations for improvements to some control systems.  It was noted that the recommendations did not represent significant areas of concern.

Officers promised to circulate further information about the level of fees paid to the internal audit service in 2010/11.  This would include a comparison of fees paid across other Local Government Pension Schemes.

Resolved:  That the 2010/11 internal audit annual report for the Lancashire County Pension Fund be noted.