The Devon Pension Board met on Wednesday, 29 April 2026, to review the board's attendance and training records, consider the annual report for 2025/26, and discuss the budget for the upcoming year. The meeting also included updates on employer monitoring, the pension fund's risk register, and investment and administration performance.

Review of Attendance

The board was scheduled to review attendance records for board meetings and training events. According to the terms of reference, membership may be reviewed if a member fails to attend two consecutive meetings or training events without mitigating factors. An attendance log was provided for the board's consideration.

Pension Board Annual Report 2025/26

The board was asked to approve the Devon Pension Board Annual Report for 2025/26. This report details the board's activities, areas reviewed, and key recommendations made to the Investment and Pension Fund Committee. The report highlights the board's work on internal audit reports, the risk register, pension fund governance, employer performance, member surveys, fund policy reviews, the Fit for the Future initiative, and administration performance.

Training Review and 2026/27 Training Strategy

A review of training activities for 2025/26 and the proposed training strategy for 2026/27 were scheduled for discussion. This follows new regulations requiring administering authorities to have a training strategy to ensure members have the necessary knowledge and skills. The strategy focuses on the CIPFA/Scheme Advisory Board Knowledge and Skills framework, an annual training plan, and reporting on training completion. Mandatory training for 2026/27 includes completing Barnet Waddingham's Enlighten training videos.

Devon Pension Board Budget

The board was asked to note the outturn for the 2025/26 budget and approve the budget for 2026/27. The budget covers essential resources for the board, including allowances and expenses for members, administrative support, training, and professional advice. The proposed budget for 2026/27 includes increases for committee and officer support to account for potential pay awards.

Employer Monitoring

This report was intended to update the board on the procedures for monitoring the timely receipt of administration data and the payment of contributions from employers. Employers are required to submit data and contributions according to the Fund's Administration Strategy. The report detailed the monitoring process, including a summary of monthly contributions received and instances of late payments. It also highlighted the implementation of a new finance system, Unit 4, and efforts to reconcile contribution data.

Devon Pension Fund Risk Register

The board was scheduled to review the Pension Fund Risk Register and any proposed actions to mitigate identified risks. Effective risk management is crucial for the pension fund, covering areas such as funding, investment performance, membership changes, administration, costs, and financial systems. The register, which incorporates risks from both the Investments Team and Peninsula Pensions, was updated based on previous board comments and has been migrated to a new risk management system. The report noted that actions taken to mitigate risks had reduced the number of high risks to two: Investments External Market Risks and Cyber Security.

Investment and Pension Fund Committee Minutes

The board was to be informed of the minutes from the Investment and Pension Fund Committee meeting held on 27 February 2026. Key points noted from these minutes included the importance of maintaining scheme member representation within new governance structures related to investment pooling.

Internal Audit Annual Report 2025/26

The board was asked to review the Internal Audit Year End Report for 2025/26 for Devon Pension Fund and Peninsula Pensions. The report provides an assurance opinion on the effectiveness of the fund's internal control environment. Overall, internal audit provided substantial assurance on the adequacy and effectiveness of the fund's internal control framework, based on seven assurance-based audit reviews. A specific area of concern was the Data Quality - Employer Interface, where limited assurance was again provided, leading to an increase in planned audit days for 26/27.

Peninsula Pensions Administration Update and Performance Statistics

This report detailed Peninsula Pensions' performance against statutory requirements and internal targets for the quarter ending 31 December 2025. Overall performance against the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 was 94%, with 92% for high-priority procedures. The report highlighted ongoing work on McCloud remedy calculations and preparation for the Pension Dashboard. It also provided updates on Personal Savings Statements and data quality scores.

Local Government Pension Scheme Update

This report provided an update on recent developments affecting the Local Government Pension Scheme (LGPS). Key updates included new regulations extending LGPS membership to elected members of local authorities from May 2026, and amendments to regulations concerning survivor benefits, death grants, the gender pension gap, and the abolition of the lifetime allowance. The report also outlined the employee contribution bands for 2026/27 and the pensions increase for the LGPS.

Future Work Programme

The board was invited to review the proposed Future Work Programme and suggest any additional items for consideration. The programme includes standing items such as minutes of the Investment and Pension Fund Committee, the Devon Pension Fund Risk Register, and Peninsula Pensions Administration Performance. Future agenda items for July 2026 include the Scheme Advisory Board Knowledge and Skills framework and a review of terms of reference.

The meeting also included a Board Membership Update, noting the resignation of Helen Pennack and the ongoing recruitment of a replacement. Items requiring urgent attention were also scheduled to be considered if deemed necessary by the Chair.