Decision details

Regulatory Update

Decision Maker: Lancashire Local Pension Board

Decision status: Recommendations Approved

Is Key decision?: No

Purpose:

Regular report setting out an update on various pension related regulatory issues to assist Board members to exercise their functions.

Decisions:

Mr Smith, Technical Adviser (Pensions) presented a report which updated the Board on the following pension regulatory issues.

 

a)  An expected consultation on proposed changes to the Local Government Pension Scheme in response to the McCloud judgement

b)  The publication of statistics for 2018/19 regarding income, expenditure, membership, retirements and other activities within the Local Government Pension Scheme in England and Wales which generally reflected the position in the Lancashire Fund.

c)  The production of seven 'Pensions Made Simple' videos by the Local Government Association.

d)  The amendment of the Local Government Pension Scheme regulations to introduce survivor benefits payable to opposite-sex couples in civil partnerships.

e)  Draft statutory guidance for the Local Government Pension Scheme in relation to survivor benefits.

f)  Updates on consultations by the Ministry of Housing, Communities and Local Government regarding

·  The Fair Deal

·  The introduction of provisions for an exit payments cap

·  The local valuation cycle and the management of employer risk

 

Resolved: That the updates on regulatory matters, as set out in the report presented and given at the meeting, are noted.

 

Report author: Colin Smith

Date of decision: 14/01/2020

Decided at meeting: 14/01/2020 - Lancashire Local Pension Board

Accompanying Documents: