Decision details

The committee was asked to approve the Lancashire County Pension Fund’sStatement of Accounts for 2011/12, as presented by George Graham, deputy county treasurer.

Regulations governing the process and delegated authority from the county council required that the chair of the committee sign off the accounts once they were approved by the committee.

The Statement of Accounts included the fund account and the statement of net assets and had been prepared in accordance with standard accounting practice as outlined in the notes to the accounts of the Pension Fund.

The Statement had been signed by the treasurer to the Lancashire County Pension Fund to certify that it presented fairly the position of the Fund at 31 March 2012 and its income and expenditure for 2011/12.

It was noted that the accounts of the Lancashire County Pension Fund, had been placed on deposit and had been available for public inspection between 2 July and 27 July 2012.

The committee raised concern with regard to the Fund's assets and recommended that the Fund should look to increase its membership to prevent its assets falling short of its liabilities.

In response, the Deputy County Treasurer pointed out that the membership of the Fund was expected to increase following the implementation of the auto-enrolment scheme which required all employers to enrol their workers into a qualifying workplace pension scheme. These changes would apply to the County Council from 1 January 2013.

Discussion also took place on the equity holdings of the Fund. It was expected that the Fund would invest in an increased range of equities in the future. Members underlined the importance of taking social, environmental and ethical considerations into account when considering investment opportunities.

Resolved:  That the Lancashire County Pension Fund's Statement of Accounts for 2011/12 be approved and signed by the chair of the committee.