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Lancashire Local Pension Board - Tuesday, 21st October, 2025 2.00 pm
October 21, 2025 Lancashire Local Pension Board View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
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The Lancashire Local Pension Board met on Tuesday, 21 October 2025, to discuss a range of important pension-related matters. Key decisions included the approval of the date for the next meeting and the exclusion of the press and public for specific agenda items. The Board also reviewed updates on regulatory matters, training, and the fund's communications strategy.
Regulatory Update
The Board received an update on various regulatory issues and industry news that could impact the Lancashire County Pension Fund (LCPF). A significant point of discussion was the Fit for the Future
initiative, which has led to two pension pools, Access and Brunel, being informed that they have not met the government's vision for the Local Government Pension Scheme (LGPS). The 21 LGPS pension funds involved in these pools must now identify new pooling arrangements by 30 September 2025 and fully pool their assets by March 2026. The Lancashire County Pension Fund Committee has agreed in principle to admit new partner funds into the LPPI pool, with a final decision pending the finalisation of legal agreements.
The Pensions Bill also includes requirements for fund governance, necessitating further work to ensure compliance. Fund officers are participating in a Scheme Advisory Board (SAB) working group to explore a peer support offer to complement the triennial Independent Governance Review.
The Access and Fairness Consultation,
which closed on 7 August 2025, proposed changes to survivor pensions, death grants, the gender pension gap, and opt-out data. While broadly supported, concerns have been raised about the administrative workload for some proposals, particularly those involving backdated survivor pensions. The consultation findings have not yet been published.
Additionally, the Pensions Commission has been revived to examine the long-term future of the pensions system, and a review of the State Pension age is underway. New data laws, including a stop the clock
measure for response deadlines, have also been introduced. A notable announcement was the government's intention to allow councillors in England to rejoin the LGPS, a policy that was previously removed in 2014.
Pension Related Training for Board Members
The Board was updated on training activities undertaken by its members since the July 2025 meeting. Participants included Mr S Dunstan, Ms G Hart, and Ms D Parker, who attended a LCPF Valuation workshop. Ms D Parker also attended a LOLA Live session on the Role of the Board,
and Mr K Ellard attended the Pensions UK Annual Conference. Ms G Hart, along with Mr Dunstan and Ms Parker, has now completed all LOLA online training modules.
Lancashire Local Pension Board Workplan 2025/26 Progress Report
An update was provided on the progress of activities undertaken by the Board during the 2025/26 financial year. The workplan, which includes agenda items and their order of consideration, was updated to incorporate employer communications and engagement activities related to the triennial valuation of the Fund. The report highlighted ongoing work on the Risk Register, the Annual Review of the Board's effectiveness, and the draft Annual Report for 2024/25. Cyber security updates and employer engagement strategies were also discussed. The Board noted that work has commenced on the Funding Strategy Statement, Pensions Administration Strategy, Communications Strategy, and Breaches Policy, with updates to be provided at future meetings.
Lancashire County Pension Fund - Communications Strategy Update
The Board received an update on the progress of reviewing the Fund's Communications Strategy. This strategy is crucial for providing members and employers with easy access to information regarding fund developments and their pension journey. While Local Pensions Partnership Administration (LPPA) handles much of the communication and engagement activity, the Fund retains overall responsibility.
Key themes identified from stakeholder feedback include the need for improved employer training and support, better website functionality, and more accessible communication channels. Employers highlighted a desire for more structured onboarding processes, regular webinars, and clearer information on topics like Additional Voluntary Contributions (AVCs). Members expressed a need for more direct communication and support, particularly for those who struggle with digital access.
LPPA is focusing on developing its website and increasing member portal registrations, with a campaign for Get Online Week
commencing on 20 October 2025. The Fund is also exploring the cost of a paper-based communication exercise to ensure inclusivity, alongside efforts to improve the Fund's website and employer on-boarding processes.
Part I Reports on the Pension Fund Committee Agenda
The Board was updated on the Part I reports considered by the Pension Fund Committee on 19 September 2025. These included the Pension Fund Annual Report 2024/25, the Lancashire County Pension Fund Governance Compliance Statement, the Responsible Investments Report, and the Draft Funding Strategy Statement Review. The Interim Head of Fund provided updates on decisions made by the Committee regarding these items.
Urgent Business
The Board considered an item of urgent business, the details of which were not specified in the public documents.
Date of Next Meeting
The next scheduled meeting of the Pension Board will be held on Tuesday, 27 January 2026, at 2:00 pm in Committee Room 'B' - The Diamond Jubilee Room, County Hall, Preston.
Exclusion of Press and Public
The Board considered and approved the exclusion of the press and public from the meeting during the consideration of specific agenda items, as it was deemed likely that exempt information would be disclosed.
Delegated decisions linked to this meeting
Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.
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Urgent Business.
Recommendations Approved -
Date of Next Meeting.
Recommendations Approved -
Exclusion of Press and Public.
Recommendations Approved -
LCPF Breaches Report
Recommendations Approved...to approve the recommendations related to the breaches and complaints reported for the period of June 1, 2025, to August 31, 2025.
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Disclosure of Pecuniary and Non-Pecuniary Interests.
Recommendations Approved -
Minutes of the Last Meeting.
Recommendations Approved...to approve recommendations regarding the Lancashire County Pension Fund's governance, training, annual review, annual report, compliance statement, employer performance, communications strategy, risk register, pension administration, disclosure reporting, pensions dashboard, assurance reporting, cyber security, breaches, and complaints.
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Part II reports on Pension Fund Committee agenda.
Recommendations Approved...to approve the recommendations outlined in the Part II reports considered at the most recent Pension Fund Committee meeting.
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Part I reports on the Pension Fund Committee agenda.
Recommendations Approved...to consider and comment on the Part I reports, including the Pension Fund Annual Report 2024/25, Lancashire County Pension Fund Governance Compliance Statement, Responsible Investments Report, and Draft Funding Strategy Statement Review, considered by the Pension Fund Committee on 19 September 2025 and any decisions taken.
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Pension related training for Board members
Recommendations Approved...to review the provided details on pension-related training undertaken by Board members since July 2025 and provide feedback.
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Lancashire County Pension Fund - Communications Strategy update
Recommendations Approved...the Board approved the recommendations to consider the findings and conclusions of the Communications Strategy review to date and to plan future actions.
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Pensions Dashboard
Recommendations Approved...to approve recommendations regarding the steps being taken to ensure compliance with the government's Pension Dashboard connection deadline.
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LCPF Risk Register
Recommendations Approved...to approve recommendations following an update and review of the Lancashire County Pension Fund's risk register.
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Pension Administration Update
Recommendations Approved...to approve the recommendations outlined in the Pension Administration Update report, which covered administration matters such as performance, service level agreements, data returns, communication, the retirement action plan, and the valuation of the Lancashire County Pension Fund.
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Welcome and Apologies.
Recommendations Approved -
General Code of Practice Update
Recommendations Approved...to approve the recommendations regarding the Fund's compliance with the Pension Regulator's General Code of Practice, following previous updates.
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Lancashire Local Pension Board Workplan 2025/26 progress report
Recommendations Approved...they approved the recommendations related to the Lancashire Local Pension Board Workplan 2025/26 progress report, which provided an update on the Board's activities so far in the year.
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Regulatory Update
For Determination...to consider and comment on the regulatory update regarding various industry news and regulatory changes impacting the Lancashire County Pension Fund.
Attendees
Topics
No topics have been identified for this meeting yet.
Meeting Documents
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