Decision details

Regulatory Update

Decision Maker: Lancashire Local Pension Board

Decision status: Recommendations Approved

Is Key decision?: No

Purpose:

A regular item highlighting regulatory updates

Decisions:

The Board considered a report on the provisions of the LGPS (Amendment) Regulations 2018, which had come into force on the 14th May 2018, and The General Data Protection Regulation which came into force on the 25th May 2018.

 

With regard to the requirement to pay exit credits where an employer terminated from the Fund with a surplus the Head of Fund reported that the LCPF had given employers notice in March to ensure that they could exit the scheme before the 14th April 2018 deadline.

 

The new CIPFA Guidance on Pension Boards was discussed and it was suggested that the operation of the Board be reviewed against the guidance.

 

Resolved: That the updates regarding the LGPS (Amendment) Regulations 2018 and The General Data Protection Regulation, as set out in the report presented, are noted.

Divisions Affected: (All Divisions);

Contact: Colin Smith Email: Colin.Smith@lancashire.gov.uk.

Report author: Colin Smith

Date of decision: 03/07/2018

Decided at meeting: 03/07/2018 - Lancashire Local Pension Board

Accompanying Documents: