Decision details

(Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12 A of the Local Government Act 1972. It was considered that in all the circumstances of the case the public interests in maintaining the exemption outweighed the public interest in disclosing the information).

Mr Master presented a report on the current version of the risk register which had been updated following a review by county council officers in consultation with the Local Pensions Partnership.

The Board discussed two new medium rated risks which had been added to the Register and the current highest rated risks and the associated measures to mitigate them. The current funding level was also discussed and it was noted that a degree of prudence had been built into future discount rates and in recognition of the recent judgement in the McCloud case

Resolved:

1.  That the performance of the Lancashire County Pension Fund investments and current funding level are noted.

2.  That a report be presented to the next meeting in relation to the number of employees who have joined the pension scheme and those members who have decided to opt out of the Lancashire County Pension Fund. 

3.  That the Head of Fund liaise with the Communications Teams at the County Council and Lancashire Pensions Partnership to publicise the performance and benefits of the Lancashire County Pension Fund both generally and as a means of attracting future employees.