Lancashire County Pension Fund - Pension Administration Strategy Statement Review
Decision Maker: Lancashire Local Pension Board
Decision status: For Determination
Is Key decision?: No
The Local Pension Board is asked to review the
current Pension Administration Strategy Statement and provide any
feedback or comments regarding the content.
A report was presented on the Administration Strategy Statement for the Fund which had been reviewed to ensure that it remained appropriate and compliant with the Fund's policy intentions.
The Board was informed that no significant changes had arisen from the review and that the Local Pensions Partnership Administration (LPPA) was currently meeting all key performance indicators. It was reported that the Statement was primarily a document on the relationship between employers, the administering authority and LPPA. However, the Board acknowledged that there was merit in also making the document available to the Fund membership so that individuals could find out more about their employer and the administrator if they wished to do so.
The financial penalties for employers who failed to provide information in accordance with the Statement was also discussed and it was noted that such penalties were considered a last resort and rarely used in relation to the Fund.
1. That the content of the Pension Administration Strategy Statement, as set out at Appendix 'A' to the report presented, is noted and that the new Fund branding be applied to the document before it is published.
2. That the Communication Strategy for the Fund be updated to include reference to the Administration Strategy Statement and direct the Fund membership to a copy should they wish to access it.
Report author: Colin Smith
Date of decision: 19/01/2021
Decided at meeting: 19/01/2021 - Lancashire Local Pension Board