The Pensions Regulator Governance and Administration Survey results
Decision Maker: Lancashire Local Pension Board
Decision status: Recommendations Approved
Is Key decision?: No
To provide members of the Pension Board with a
summarised position of the Pension Regulator's survey findings on
governance and administration and to highlight the Pension
Regulator's future plans.
Mr Smith, Technical Adviser Pensions, presented a report which summarised the findings of the Pension Regulator's survey on governance and administration.
It was reported that 45% of active members in the Local Government Pension Scheme received their annual benefit by the statutory deadline and Mr Smith confirmed that for the Lancashire the revised figure was 99%.
The Board was informed that the Pension Regulator had announced plans to pursue "proactive engagement" with LGPS funds in the future and would be writing to scheme managers on various governance and administration matters. It was also reported that the Pension Regulator had engaged with a small number of scheme managers to undertake deeper regulatory engagement regarding specific areas of risk. The Head of Fund reported that the LCPF was not included in the regulatory engagement and previous attempts to engage with the Pension Regulator on governance and administration in Lancashire had been unsuccessful.
Resolved: That the report and updates given at the meeting are noted.
Report author: Colin Smith
Date of decision: 16/10/2018
Decided at meeting: 16/10/2018 - Lancashire Local Pension Board