Lancashire County Pension Fund Governance
Lancashire County Pension Fund, although not a separate legal entity, has its own specific governance arrangement and controls which sit within the overall governance framework of Lancashire County Council.
As the Administering Authority, the County Council is responsible for making decisions relating to the operation of the Fund, including the following:
- To ensure that the Fund operates in accordance with the Local Government Pension Scheme Regulations,
- To monitor and review all aspects of the Fund's performance, which includes administration and investment,
- The collection of employee and employer contributions, investment income and other amounts to the Fund as stipulated in the Regulations,
- To ensure that cash is available to meet the Fund's liabilities,
- To ensure that assets are invested in accordance with the Fund's Investment Strategy Statement,
- The development, maintenance and implementation of various policies and strategies as required, such as the Administration Strategy, Discretions Policies, Breaches Policy, Investment Strategy Statement, and Funding Strategy Statement which together ensure effective governance of the Fund.
The Pension Fund Committee (PFC) fulfils the role of 'Scheme Manager'1 for the Fund, as set out in Regulations, which includes the administration of benefits and the strategic management of Fund investments and liabilities. It is responsible for establishing, and monitoring progress on, the strategic objectives of the Fund through a rolling three-year Strategic Plan.
The County Council has established two bodies to assist the PFC oversee the Fund:
- The Investment Panel; and
- The Lancashire Local Pension Board (LPB).
The Investment Panel provides expert professional independent advice to the PFC in relation to investment strategy and supports the Head of Fund with specialist advice as required by the PFC.
The role of the Local Pension Board is to assist the County Council as the Administering Authority which includes:
- to secure compliance with the LGPS Regulations and any other legislation relating to the governance and administration of the LGPS,
- to secure compliance with the requirements imposed in relation to the LGPS by the Pensions Regulator; and in such other matters as the LGPS Regulations may specify.
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Under regulation 55 of the LGPS Regulations 2013, all Local Government Pension Schemes (LGPS) in England and Wales are required to publish a Governance Compliance Statement.
The Governance Compliance Statement must set out whether the local authority delegates its functions, or part of its functions to a committee, a sub-committee, or an officer of the authority.
1 A person or body responsible for managing or administering a pension scheme established under section 1 of the 2013 Act. In the case of the LGPS, each Fund has a Scheme Manager which is the Administering Authority.