Decision details

The Chair presented a report on the draft Lancashire County Pension Fund Annual Report for the year ended 31^st March 2020 and thanked officers for producing a comprehensive document.

In considering the draft members of the Committee highlighted the following:

·  There should be greater emphasis on Lancashire County Pension Fund being the top performing Fund in the Local Government Pension Scheme.

·  The need for clarification that the employer contribution rates referred to in the Annual Report are applicable in the current financial year and some employers therefore look like they have low rates due to prepayments.

·  It should be indicated at the start of Section I of the Annual Report that the statement is from the Chair of the Lancashire Local Pension Board.

It was also noted that the Head of Responsible Investment at LPPI would be requested to provide further detail regarding the shareholder action referred to in Section F – Investment Policy and Performance.

Resolved:

1.  That the accounts of the Fund (as set out in Section 'H' of Appendix 'A' to the report presented) are approved, subject to any audit adjustment agreed by the Head of Fund, and are recommended for approval to the Audit, Risk and Governance Committee on the 19^th October 2020.

2.  That the 2019/20 Annual Report of the Lancashire Local Pension Board, as presented at Section 'I' of Appendix 'A' to the report presented, is approved.

3.  That, subject to any agreed audit adjustments or other minor amendments, the Lancashire County Pension Fund 2019/20 Annual Report, as set out at Appendix 'A' to the report presented, is approved for publication on or before the 1^st December 2020.