Decision details

Update on Part I reports presented to the recent Pension Fund Committee

Decision Maker: Lancashire Local Pension Board

Decision status: Recommendations Approved (subject to call-in by Scrutiny)

Is Key decision?: No

Purpose:

Part I reports presented to Committee on the 21st June 2019

Decisions:

The Head of Fund presented a report on matters considered by the Pension Fund Committee on the 21st June 2019 under Part I of the agenda.

 

2018/19 Annual Report – It was recognised that there were some sections in the draft where text needed to be finalised and it was suggested that if members of the Board had any comments on the draft they should forward them to the Head of Fund.

 

Internal Audit Assurance – The Head of Fund confirmed that the Committee had been informed that the outstanding internal audits of the Local Pensions Partnership referred to in the report had been completed. In view of the update the Committee had agreed the Head of Internal Audit review the findings of all the audits and present a further report to the Committee in September 2019 in order to give an assurance on the administration and investment operations of the Partnership. It was also suggested that the Head of Fund meet with the Head of Internal Audit to discuss the concerns expressed by the Board with regard to the Key Performance Indicators for the Local Pensions Partnership which were not considered to reflect the experience of the Fund membership.

 

The Board noted the new branding for the Lancashire County Pension Fund which had been approved by the Committee.

 

Recommendations:

 

1.  That members of the Board forward any comments they may have on the draft 2018/19 Annual Report for the Lancashire County Pension Fund to the Head of Fund for consideration.

 

2.  That Chair raise the concerns of the Board regarding to the Key Performance Indicators for the Local Pensions Partnership, which were not considered to reflect the experience of the Fund membership, with the Chair of the Pension Fund Committee.

 

3.  That the reports considered by the Pension Fund Committee on the 21st June 2019 under Part I of the agenda and decisions taken are noted

Report author: Mike Neville

Date of decision: 09/07/2019

Decided at meeting: 09/07/2019 - Lancashire Local Pension Board

Accompanying Documents: