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Venue: Committee Room 'C' - The Duke of Lancaster Room, County Hall, Preston. View directions
Contact: Mike Neville
Mr M Wynn, Director of Resources, Lancashire County Council (remotely)
Mr S Greene, Head of Pension Fund, Lancashire County Council.
Mr R Cathey, Principal Lawyer, Lancashire County Council.
Mr M Neville, Senior Democratic Services Officer, Lancashire County Council.
Mr S Dove, Partner - Corporate & Commercial Division, Capsticks Solicitors (remotely).
Welcome and Apologies
The Chair welcomed everyone to the meeting and reported that apologies had been received from County Councillor J Fillis.
Disclosure of Pecuniary and Non-Pecuniary Interests
Members are asked to consider whether they need to disclose any pecuniary and non-pecuniary interest in matters appearing on the agenda. If a member requires advice on declarations of interest he/she is advised to contact Josh Mynott, Democratic Services (telephone 01772 534580) in advance of the meeting.
No declarations of interest were made at this point in the meeting.
To be confirmed by the Committee as an accurate record of the meeting and signed by the Chair.
Resolved: That the Minutes of the meeting held on 1st December 2023 are confirmed as an accurate record and signed by the Chair.
An item of urgent business may only be considered under this heading where, by reason of special circumstances to be recorded in the Minutes, the Chair of the meeting is of the opinion that the item should be considered at the meeting as a matter of urgency. Wherever possible, the Chief Executive should be given advance warning of any Member’s intention to raise a matter under this heading.
No items of urgent business were raised at the meeting under this heading.
Date of Next Meeting
The next meeting will be held at 10.30am on 8th March 2024 in Committee Room 'A' – The Tudor Room at County Hall, Preston.
It was noted that the next scheduled meeting of the Committee would be held at 10.30am on 8th March 2024 in Committee Room 'A' - The Tudor Room at County Hall, Preston.
Exclusion of Press and Public
The Committee is asked to consider whether, under Section 100A(4) of the Local Government Act, 1972, it considers that the press and public should be excluded from the meeting during consideration of the following items of business on the grounds that there would be a likely disclosure of exempt information as defined in the appropriate paragraph of Part 1 of Schedule 12A to the Local Government Act, 1972, as indicated against the heading to the item.
Resolved: That the press and public be excluded from the meeting during consideration of the following items of business on the grounds that there would be a likely disclosure of exempt information as defined in the appropriate paragraphs of Part 1 of Schedule 12A to the Local Government Act, 1972, as indicated against the heading of each item. It is considered that in all the circumstances the public interest in maintaining the exemption outweighs the public interest in disclosing the information.
Local Pensions Partnership Governance Review
Exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972. It was considered that in all the circumstances of the case the public interest in maintaining the exemption outweighed the public interest in disclosing the information.
The Committee considered a detailed report on the proposed updated Shareholder Agreement between Lancashire County Council and the London Pension Fund Authority regarding the Local Pensions Partnership (LPP), which had been developed in consultation with Shareholder representatives as part of the Governance review of LPP.
In presenting the report the Head of Fund and M S Dove, Partner - Corporate & Commercial Division, at Capsticks Solicitors, highlighted some sections of the Agreement and answered questions from Committee members.
1. That, subject to any minor amendments to be agreed with the Director of Law and Governance, the updated Shareholder Agreement in relation to the Local Pensions Partnership (as set out at Appendix 'C' to the report presented) is approved and recommended to Full Council for approval.
2. That the Director of Law and Governance be given delegated powers to consider any amendments requested by the Pension Fund Committee, Full Council on 14th March 2024 or the LPFA Board on 19th March 2024 and amend the Shareholder Agreement as appropriate.
3. That a report on the sections of the Articles of Association for the Local Pensions Partnership Ltd which require updating be presented to the Committee on 14th June 2024 for consideration.