Pension Fund Committee
This section contains the following information about the Pension Fund Committee:
Purpose
a) To assist the Council as Administering Authority to fulfil the role of Scheme Manager, as set out in the Local Government Pension Scheme regulations, of the Lancashire County Pension Fund ("the Fund" or "LCPF").
Composition
a) The Committee shall comprise twelve county councillors and seven voting co-opted members representing the following organisations:
(i) One from Blackburn with Darwen Borough Council;
(ii) One from Blackpool Council;
(iii) Two representing the City and Borough Councils in Lancashire;
(iv) Two representing Trade Unions; and
(v) One representing the Further and Higher Education sector in Lancashire.
b) The quorum of the Committee shall be five.
c) The Independent Investment Advisor and the Independent Person shall be invited to attend all meetings.
d) All members of the Committee are encouraged to participate in training on pension related matters in accordance with the Training Policy and associated Training Plan approved by the Committee.
e) All members of the Committee shall comply with the Fund's cyber hygiene guidelines as set out in the LCPF's Cyber Security Strategy.
f) Meetings are open to the public, but the public may be excluded where information of an exempt or confidential nature is being discussed – see Access to Information Rules (lancashire.gov.uk).
Terms of Reference
a) Exercise Lancashire County Council’s responsibility (as Administering Authority) for the management of the Fund including the administration of benefits and strategic management of Fund assets and liabilities.
b) Determine any pensions related functions and responsibilities that should be delegated to officers and other committees.
c) Regularly review governance arrangements and the efficient and effective use of external advisors to ensure good decision-making.
d) Appoint a minimum of one suitable person to act as an Independent Investment Adviser and a minimum of one suitable person to act as an Independent Person (with the remit to provide advice on investments, pensions governance and pensions administration) and sit on the Investment Panel, through a sub-committee convened for that purpose.
e) Establish sub-committees, panels, and other sub-groups as necessary to undertake any part of the Committee’s functions.
f) Receive and approve an Annual Report from the Lancashire Local Pension Board on the nature and effect of its activities for inclusion in the Lancashire County Pension Fund Annual Report.
g) Approve the Lancashire County Pension Fund Annual Report and present an update report annually to Full Council on the state of the Fund.
h) Approve all policies and procedures relating to the governance, strategic management, investments, and the administration of benefits of the Fund as required under the Local Pension Scheme Regulations.
i) Exercise the responsibilities reserved to the Pension Fund Committee relating to the strategic operation of Local Pensions Partnership Ltd as set out in the Shareholder Agreement (see Appendix A).
Investment
j) Have overall responsibility for investment strategy which includes monitoring the performance of the Fund's investments and ensure that best practice is being adopted and value for money is being delivered.
k) Approve and review on a regular basis an Investment Strategy Statement.
l) Determine the Strategic Asset Allocation, giving due recognition to the options made available by Local Pensions Partnership Investments Ltd (LPPI) and advice from the Investment Panel.
Administration
m) Approve the Annual Administration Report.
n) Approve the Pensions Administration Strategy Statement.
o) Monitor the performance of the pensions administration function.
p) Authorise the payment of any statutory pensions, gratuities, grants, etc, under the provisions of the Superannuation and Pensions Acts and Regulations and any Local Acts.
q) Approve payments under the County of Lancashire Act 1984.
r) Review annually the actual amounts of injury allowances payable under the Local Government Superannuation Regulations, as amended, to employees who have sustained injuries or contracted diseases, resulting from anything they were required to do in carrying out their work and to make any changes appropriate to reflect changes in the relevant financial circumstances of the payee.
Funding
s) Approve the Funding Strategy Statement and the Admission and Termination Policy.
t) Approve Scheme Funding Advice.
u) Review ongoing funding updates for potential cash contribution implications.
Procurement
v) Approve the procurement process, tender award criteria and evaluation methodology in advance of any tender being invited for the appointment of the Custodian, Actuary and Fund’s Additional Voluntary Contribution (AVC) Provider.