The Lancashire Local Pension Board met on Tuesday 14 April 2026 to discuss a range of important updates concerning pension administration, regulatory changes, and risk management. Key decisions included noting the progress of the Peer Support project, approving the annual work plan, and reviewing the risk register.

Scheme Advisory Board Peer Support Project

The Board received an update on the Scheme Advisory Board's (SAB) Peer Support project, which aims to formalise a framework for Local Government Pension Scheme (LGPS) administering authorities to gain external assurance for their governance activities. Sophia Chivandire, project lead, explained that peer support is not an inspection or audit, but rather a process of being a critical friend to promote best practice and sector-led improvement. This initiative is separate from the statutory Independent Governance Review (IGR) but could complement it. The SAB has established a working group with 22 officers from 18 funds and is developing a framework with five themes: Fund priorities and outcomes, Fund leadership, stakeholders and partnerships, Governance and culture, Fund performance and management, and Capacity for improvement. A pilot phase is being planned, and the Board was asked to provide feedback on the project.

Pension Related Training, 2025/26 Training Record and Training Plan 2026/27

Jane Brown, Pensions Governance Lead, presented the training record for 2025/26 and the training plan for 2026/27. The training record showed that several Board members had completed various LOLA online modules and attended internal and external events. The training plan for the coming year includes a new element: participation in the Hymans Robertson national assessment knowledge check, designed to evidence compliance with new knowledge and understanding requirements for those making decisions and managing the fund. The Lola platform is also being refreshed. Board members discussed the clarity of reporting on module completion and the nature of the knowledge check, which was described as a way to assess and evidence compliance rather than a formal exam.

LLP B Annual Workplan

James Almond, Senior Governance Pensions Officer, presented the proposed annual work plan for the Lancashire Local Pension Board (LLPB) for 2026/27. The work plan, developed in consultation with the Chair, incorporates activity from the Fund's three-year strategic plan and aims to ensure the Board continues to undertake activities within its statutory remit, supporting compliance with LGPS regulations and promoting effective governance. A new item for this year is a fund-specific conflict of interest policy. The work plan was noted by the Pension Fund Committee on 20 March 2026 and was presented to the Board for approval.

Lancashire County Pension Fund - Governance Matters

Jane Brown provided an update on governance matters, including the outcome of an internal audit into LPPA's Pension System Automation Change Management processes, which concluded that control measures were reasonably effective but recommended improvements in documentation. An external audit of the 2024/25 accounts was signed off with one recommendation regarding backlogs of cases, which is being addressed. Two non-reportable breaches occurred: a data breach involving information sent to Warrington Borough Council in error, and an overpayment due to a manual calculation. The report also covered progress on the Pensions Bill, the appointment of an independent person to the Pension Fund Committee, and preparations for the Independent Governance Review.

A significant portion of the discussion focused on Local Government Reorganisation (LGR), with officers outlining the work being done to consider its implications for the pension fund, employers, and scheme members. Key considerations include investments, governance, administration, and communication. The Head of Fund, Pete, shared his experience from a previous LGR in Cumbria and noted that work had already begun with LPPA. Simon Lawrence provided an update on the LGR timetable, with outcomes expected in July and formal vesting in May 2028. He stressed the importance of stability and scale for the pension fund amidst the wider local government changes.

Regulatory Update

Catherine Hunt, Technical & Administration Pension Lead, provided an update on regulatory changes. Pensions will increase by 3.8% from April 2026, and member contribution bands will also increase. The Access and Fairness consultation will be implemented in two phases, with Phase 1 changes effective from April 2026. Material changes include equalisation of survivor benefits, removal of the age 75 cap for death grants, and adjustments related to the gender pensions gap. Backdated survivor payments are to be implemented by January 2028. Councillors, mayors, and deputy mayors in England will be able to opt into the LGPS from May 2026. Jo, from LPPA, provided a presentation on the volume and complexity of regulatory changes, highlighting challenges such as reliance on system providers and the demand for administrators.

Pensions Administration Update

Catherine Hunt also presented an update on pensions administration, noting that overall Service Level Agreement (SLA) performance was 99.1% for the quarter ending 31 December 2025. The average call wait time was below the target of 4 minutes. The report detailed progress on the Collaborative Pensions Optimisation Project (CPOP), which has concluded and led to improvements in data flow and member understanding of the retirement process. Initiatives include improved staff guidance, enhanced Oracle Fusion functionality, and online retirement forms. McCloud remedy calculations are progressing, with payments expected to begin in 2026/27. The triennial valuation for the Fund has been completed, with employers receiving confirmation of their contribution rates. LPPA is also preparing for the Pensions Dashboard launch.

Pensions Dashboard

An update was provided on the Pensions Dashboard, confirming that Lancashire County Pension Fund and Prudential had connected to the Dashboard in December 2025. Controlled testing is ongoing, with LPPA reaching out to member panel participants for support. Daily reporting to the Money Helper Service will be required post-launch, and LPPA is reviewing and responding to consultations on reporting standards. LPPA will also be undertaking a tracing exercise to verify addresses for deferred members over 52. The project is currently flagged as 'Green' by LPPA, indicating it is on track.

LCPF Risk Register

James Almond presented an update on the Lancashire County Pension Fund's risk register. Key risks discussed included Investment Strategy, Actuarial Valuation and Monitoring of Funding (where the residual risk rating has been reduced to Low), and Geopolitical Risk. A new risk, T8 Local Government Reorganisation (LGR), has been added to monitor preparations for LGR and its potential impact on the Fund. Other risks of note included reliance on key personnel and expertise, and cyber resilience and information security, with updated Cyber Hygiene Guidelines. The Board was asked to consider minor amendments to key risks I4 and I8, the new risk template T8 LGR, and updates on other risks.

Pension Fund Committee 20 March 2026 Agenda Review

Mike Neville, Senior Democratic Services Officer, provided an update on the Part I items considered by the Pension Fund Committee on 20 March 2026 that were within the remit of the Pension Board. These included the LCPF Strategic Plan 2026-29 and Budget 2026/27, a Fit for the Future Update, and a Review of the Funding Strategy Statement. An update was also provided on structural changes to Local Pensions Partnership Ltd to facilitate the expansion of the investment pool.

The meeting concluded with the date of the next meeting being set for 15 July 2026.