PwC report on the outcomes of the LPP partnership
Decision Maker: Lancashire Local Pension Board
Decision status: Recommendations Approved
Is Key decision?: No
PwC have been engaged to review the results of
Local Pensions Partnership (LPP) to date to ensure that they are
not significantly out of line with expectations at the outset, in
particular the original business plan, and that implementation of
pooling has been successful.
(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).
The Head of Fund presented a report on the findings of an independent review of the Local Pensions Partnership (LPP) which concluded that whilst some performance had deviated from the initial projected feasibility forecast, in the majority of areas shareholders had either been made aware of deviations in advance and/or the explanations for such deviations were considered reasonable and had been substantiated.
In considering the report the Board acknowledged that LPP would examine activity by other pools in order to identify examples of best practice and would work with the Head of Fund to implement a balanced scorecard exercise over the next 3 years to inform future performance monitoring.
1. That the findings of the independent review and the responses from the Local Pensions Partnership, as set out in the report presented, are noted.
2. That the introduction of a balanced score card exercise over the next 3 years is welcomed and that the Board be kept informed of developments with a view to up to 3 Board members being directly involved in the exercise.
Report author: Helen Gallacher
Date of decision: 29/01/2019
Decided at meeting: 29/01/2019 - Lancashire Local Pension Board