Issue - meetings

(Exempt information as defined in Paragraph 3 of Part 1 of Schedule 12 A of the Local Government Act 1972. It was considered that in all the circumstances of the case the public interests in maintaining the exemption outweighed the public interest in disclosing the information).

A report was presented on the current Risk Register for the Lancashire County Pension Fund which had been reviewed and updated since it was last presented to the Pension Fund Committee in June 2018

The Board discussed the savings which had been expected to result from the establishment of the Local Pensions Partnership and noted that while some savings had been achieved there were concerns that the reduction in costs of the pension administration service would not be as anticipated.  It was noted that the pension administration service was the subject of an independent review, the findings of which would be reported to the Pension Fund Committee in November 2018.

Specific risks identified in the Register were also agreed and the Board agreed that the wording in relation to controls in place to mitigate risks associated with the transformation of the administration business should be amended as some of the referred actions had now taken place. It was also suggested that some form of succession planning be introduced to minimise the impact on the future operation of the Fund if the Head of Fund were to become unavailable for any reason.

Resolved:

1.  That the updated Risk Register and LCPF Risk Summary document, as set out in the Appendices to the report presented, are noted.

2.  That the Board be informed of the outcome of the independent review of the pension administration service to be reported to the pension Fund Committee on the 30^th November 2018.

3.  That the Risk and Governance Officer be requested to update the Risk Register to reflect the following:

i)  the controls in place to mitigate risks associated with the administration transformation.

ii)  the introduction of succession planning to minimise the impact on the future operation of the Fund if the Head of Fund were to become unavailable for any reason