Agenda item

The Head of Fund presented a report regarding Part I items which had been considered by the Pension Fund Committee on the 30^th June 2017. The Board considered each item, making comments as appropriate

a)  Internal Audit Annual Report 2016/17 and Audit Plan 2017/18

3.14 - it was reported that action had been taken to ensure that decisions regarding 'matters reserved' were reported to the Head of Fund on a timely basis.

3.15 - with regard to reports submitted to the FCA it noted that in future Internal Audit would monitor information earlier in the process to ensure its accuracy as once the data had been submitted it could not be reproduced.

It was reported that after being reviewed by the Pension Fund Committee the Internal Audit Plan had been referred to the Audit and Governance Committee for approval. It was suggested in future the draft Plan should initially be considered by the Board in order to inform the work programme before being reported to the Committee.

Resolved: That the draft 2018/19 Internal Audit plan be presented to the Board in January 2018 for consideration before being referred to the Pension Fund Committee and Audit and Governance Committee.

b)  Annual Administration Report 2016/17

It was reported that an overall performance of 97% had been achieved against standards and targets during 2016/17 and it was suggested that the complaints process would identify any issues not addressed by existing KPI. The Board discussed the KPIs used to inform the report and it was agreed that work should be undertaken to achieve a degree of consistency with the LPFA as part of the ongoing transformation process.

Resolved:

1.  That work continue with the LPFA in order to establish a level of consistency in relation to KPIs to be used to measure the future performance of the pension administration service.

2.  That the performance of the pension administration service be reviewed in six months and an update report presented to the Board in January 2018

3.  That the Head of Your Pension Service be invited to attend the next meeting to discuss the performance of the pension administration service.

c)  Lancashire County Pension Fund – Annual Governance Statement
2016/17

It was reported that the Annual Governance Statement, as presented to the Committee, had been approved and submitted to the Chair and the Head of the Fund for signature and subsequent inclusion in the statement of accounts.

d)  Lancashire County Pension Fund 2016/17 Statement of Accounts and
out-turn report

It was reported that the Committee had noted the final outturn positon and statement of accounts 2016/17 and referred it to the Audit & Governance Committee for consideration and approval at its meeting in July 2017.

e)  Progress on Delivering the Lancashire County Pension Fund Strategic
Plan

It was reported that a draft revised Strategic Plan for the Lancashire County Pension Fund would be presented to the Committee on the 15^th September 2017.

f)  Lancashire County Pension Fund Risk Register

It was reported that the Committee would receive six monthly updates on the Risk Register and that the meeting scheduled for the 27^th July 2017 had been cancelled and the date/venue would now be used for a workshop to examine the Register in detail. The Board recognised that the Risk Register would be a live document which to be effective would require the engagement of various parties including LPP, Internal Audit and Board/Committee and individual officers.

Resolved: That members of the Board submit any comments they may have on the Risk Register to the Chair who will collate them into a single response to the Head of Fund for consideration at the workshop on the 27^th July 2017.