The Committee considered a report setting out proposals for amendments to the Lancashire County Pension's Fund existing Tracing Missing Members Procedure.
It was reported that the Fund's data was assessed to be more than 96% compliant against a target of 95% but that a significant number of deferred members, i.e. 5,205, contact details were known to be inaccurate.
In light of this, and following a recommendation from the Lancashire Local Pension Board that a tracing exercise be undertaken every three years in line with the valuation process, it was proposed to make amendments to the current Tracing Missing Persons Procedure.
Resolved: - That:
(i) A missing member tracing exercise be undertaken every three years in line with the actuarial valuation process, as set out in the report, now presented;
(ii) Such an exercise be carried out by the most cost effective means possible;
(iii) The Fund's Communications Policy Statement be amended to reflect this additional communications exercise;
(iv) The Interim Head of Fund be authorised to amend the Communications Policy Statement as set out in (iii) above.