The Head of Fund presented a report which updated the Board on the following pension regulatory matters.
· Consultation on implementation of late retirement factors
· Consultation on the local valuation cycle and management of employer risk
· Consultation on the Fair Deal – strengthening pension protection.
· Guidance in relation to the cost cap process and arising from the McCloud case.
· Exit Payment reform
It was reported that the proposal for FE/HE institutions in England to no longer be required to offer membership of the Local Government Pension Scheme to new entrant non-teaching staff was not considered to be a significant issue in Lancashire. With regard to the McCloud legal case the Head of Fund reported that it was still unclear as to the impact the decision would have on the Local Government Pension Scheme.
Recommendation: That the updates on regulatory matters set out in the report and given at the meeting are noted.