Local Pension Board - Annual Report 2015/16
Decision status: Recommendations Approved
Is Key decision?: No
The Chair presented a draft annual report for 2015/16 for consideration by the Board. The Terms of Reference of the Board required that the Board "shall on an annual basis produce a report on both the nature and effect of its activities for consideration by the Administering Authority".
The Chair suggested a number of minor amendments to the draft report which the Board supported.
It was noted that the report would be presented to the next meeting of the Pension Fund Committee on 15 September when the Chair would attend to present the report.
The following points were raised/noted:
- It was felt that the Board played an important role in adding value and contributing to the overall effective governance of but that it was important that it was not seen to be duplicating or overlapping with the remit of the Pension Fund Committee;
- Issues considered by the Board were shared in various forums by Board Members such as the Lancashire Network of Chief Finance Officers and a similar forum for higher education establishments;
- It was suggested that the Board might consider its pattern of meetings so that it met in advance of the Committee and could consider and make any appropriate recommendations on reports being considered by the Committee.
- The Chair suggested that the role of the Board was to:
o Monitor the Pension Fund Committee in terms of compliance with regulations;
o Assist the Head of Fund with the effective and efficient running of the scheme;
o Consider risk mitigation.
- It was suggested that the Board review its Terms of Reference at the next meeting in October.
Resolved: - That:
(i) The Local Pension Board Annual Report 2015/16, as set out in the report, now presented, be approved subject to the amendments suggested by the Chair;
(ii) The Board considers and reviews its Terms of Reference at the next meeting in October.
Date of decision: 05/07/2016
Decided at meeting: 05/07/2016 - Lancashire Local Pension Board