Decision details

Regulatory Update

Decision Maker: Lancashire Local Pension Board

Decision status: For Determination

Is Key decision?: No

Purpose:

Update on regulatory issues and industry news to assist board members in their role

Decisions:

Ms Hunt, Technical & Administration Pension Lead, from the Pensions Team, presented a report on five pension related regulatory issues and informed the Board that the functionality required for Local Pensions Partnership Administration Ltd (LPPA) to revisit past calculations in connection with the McCloud remedy, had been further delayed until after March 2025.

 

The Board also discussed the new Funding Strategy Statement guidance for administering authorities (such as the County Council) and the need to consider how best to manage any surplus in view of the governments stated plans for future economic growth.

 

Resolved: That the updates on regulatory matters, as set out in the report presented and discussed at the meeting, are noted.

 

Corporate Priorities : N/A;

Divisions Affected: N/A;

Contact: Catherine Hunt Email: catherine.hunt2@lancashire.gov.uk.

Report author: Catherine Hunt

Date of decision: 28/01/2025

Decided at meeting: 28/01/2025 - Lancashire Local Pension Board

Accompanying Documents: