The LGPS Pension Fund Sub-Committee of Warwickshire Council is scheduled to meet on Monday 14 September 2026. The meeting's agenda includes discussions on the Warwickshire Pension Fund's Annual Report for 2025/26, updates on pension administration activity and performance, and a review of the Pension Fund Governance Report.

Pension Fund Governance Report

A significant portion of the meeting is scheduled to be dedicated to the Pension Fund Governance Report. This report will provide an update on the main governance issues affecting the Warwickshire Pension Fund, including the Forward Plan, risk management, updated policies, training, and regulatory updates. It will also cover the draft Administration Strategy 2026, the updated Internal Dispute Resolution Procedure, and the Governance Compliance Statement. The report highlights that Local Government Reorganisation (LGR) has been added as a new risk to the Fund's register, with a current residual risk score of 16, due to potential causes such as inadequate resources and a lack of consensus on the Fund's future operating model.

Local Government Reorganisation - LGPS

The committee will receive an update on the key requirements for Local Government Reorganisation (LGR) concerning the Warwickshire Pension Fund. The report outlines that the Government has decided to create two new unitary authorities in Warwickshire, and a comprehensive programme of work is underway to ensure pension services are delivered safely and legally from the new authorities' vesting day on 1 April 2028. The report details workstreams for administration, governance, investments, and employer dependencies, and discusses potential future operating models for the Fund, including the possibility of it becoming a separate Special Purpose Pensions Authority or merging with other funds. Decisions on the operating model will be made by the two shadow authorities to be created following elections in May 2027.

Business Plan Monitoring Quarter 1

The committee will review the progress made against the Warwickshire Pension Fund's Business Plan for 2026/27 as at the end of the first quarter. This report includes a draft of the 2026/27 Budget and Medium-Term Financial Plan, which has been prepared for the first time. The plan indicates that the Fund is expected to be cash flow negative over the planning period, with benefit payments exceeding contribution income, a shortfall that will be funded from existing cash reserves or investment redemptions. The report also highlights the need for additional resources, including project management support and a new governance officer post, to manage the increasing governance demands.

Pension Administration Activity and Performance Update

An update on the key developments affecting pensions administration and the performance of the Pensions Administration Service (PAS) is scheduled. This includes information on the take-up of the Engage self-service portal, which aims to provide members with easier access to their pension data and reduce the workload on the PAS. The report details Key Performance Indicator (KPI) performance for the period, noting that nine out of sixteen KPIs met the 95% target. It also discusses workload volumes, with an increase in cases created and completed compared to the previous year, and highlights the need for increased administration resources to meet demand and facilitate service improvement.

Warwickshire Pension Fund Annual Report 2025/26

The committee is scheduled to review the Warwickshire Pension Fund Annual Report for the financial year 2025/26.

Quarterly Investment Monitoring Report

A report on the quarterly investment monitoring for the Pension Fund is also on the agenda.

Other Topics

Further discussions are scheduled to cover the 2025 Valuation - National Picture, Employers Joining and Leaving the Pension Scheme, Annual checks on contribution rates and security requirements for Admitted Bodies, BCPP Voting, Stewardship and Corporate Governance Update, Climate Policy and Net Zero Strategy, Investment Strategy Statement, General Activity Update, and LGPS Pooling Update. The meeting will also consider reports containing exempt or confidential information.