Decision status: Recommendations Approved
Is Key decision?: No
(Not for Publication - Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A to the Local Government Act, 1972. It is considered that in all the circumstances of the case the public interest in maintaining the exemption outweighs the public interest in disclosing the information).
Abbi Leech, Interim Head of Fund, gave a verbal update on progress following the establishment of the Local Pensions Partnership (LPP). Reference was made to the progress report considered by the Pension Fund Committee on 10 June. It was highlighted that authorisation from the Financial Conduct Authority (FCA) had been received on 11 April and that approval to the Authorised Contractual Scheme (ACS) was outstanding but expected by 1 September.
It was reported that transition arrangements were in place and would, once implemented, take place over a 12 month period. The submission to Government on pooling arrangements was due on 15 September and the LPPL proposals met three of the four criteria required.
Resolved: - That the update, now presented, be noted.
Date of decision: 05/07/2016
Decided at meeting: 05/07/2016 - Lancashire Local Pension Board