Pension Fund Investment Panel
This section contains the following information about the Pension Fund Investment Panel:
Purpose
a) The Pension Fund Investment Panel ("the Panel") provides expert professional advice to the Pension Fund Committee in relation to investment strategy. The Panel also supports the Head of Fund with the specialist advice required by the Lancashire County Council acting as Administering Authority ("the Administering Authority").
b) The Panel does not exercise any delegated powers but instead will provide advice to the Head of Fund who will either exercise their delegated powers or make recommendations to the Pension Fund Committee taking account of advice and views from the Panel.
Composition
a) The Panel shall comprise the Head of Fund (who will act as Chair of the Panel) and a minimum of one suitable person to act as the 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) appointed in accordance with arrangements determined by the Pension Fund Committee.
b) The Independent Investment Adviser and Independent Person will comply with the strategic objectives agreed by the Pension Fund Committee.
c) The Panel shall meet in accordance with an agreed programme of meetings or as required.
d) The Chair and either the Independent Investment Advisor or Independent Person must be present for the Panel to be quorate.
e) The Panel may establish sub-groups to undertake specific tasks but will formulate recommendations to the Head of Fund and/or the Pension Fund Committee through meetings of the full Panel.
f) The Panel may request the Head of Fund to secure specialist advice from within the allocated Pension Fund budget.
g) At least one member of the Panel will attend the LPP Conferences.
Terms of Reference
a) Review, advise and make recommendations to the Head of Fund/Pension Fund Committee on the following:
(i) The Fund's long term investment strategy.
(ii) Strategic asset allocations proposed by Local Pensions Partnership Investments Ltd (LPPI).
(iii) The range of asset allocations used by LPPI as set out in the Investment Strategy Statement.
(iv) Appropriate risk management strategies to include the matching of pension liabilities with suitable investments, possibly involving derivatives.
(v) Foreign exchange hedging strategies relating to the equity and/or other asset allocations.
(vi) Investment activity and the performance of the Fund.