The Local Pension Board of Oxfordshire Council met on Friday 16 October 2026 to review the Board's annual report, the Pension Fund's business plan, and various governance and operational reports. Key outcomes included the approval of the Board's Annual Report, subject to a drafting correction, and noting updates on the Pension Fund's business plan, risk register, and governance policies.

Annual Report of the Local Pension Board

The Board approved its Annual Report for inclusion in the Pension Fund's Annual Report and Accounts, subject to a drafting correction in paragraph 24 being completed before publication. The report summarised the Board's activities over the past year, including attendance and training records of its members. Mark Smith, Head of Pension Fund, presented the report, highlighting the Board's engagement with the Pension Fund Committee and Fund officers, and how issues had been raised, monitored, and reported. The drafting correction involved changing and independent review to an independent review.

Review of Annual Business Plan 2026/27

The Board noted the update on the Annual Business Plan for 2026/27, as considered by the Pension Fund Committee. Mark Smith, Head of Pension Fund, presented the report, which covered delivery to date, current priorities, and potential impacts on programme completion. The update addressed workforce planning, available resources, and operational and external dependencies affecting the Fund's capacity. Progress on McCloud implementation was outlined, along with employer engagement, valuation preparation, the pooling transition to LGPS Central, and the development of supporting systems. The Board noted the update, with particular attention paid to the limited number of outstanding McCloud cases and the reliance on external guidance for their completion. Plans for additional posts and recruitment were expected to strengthen operational capacity.

Pension Fund Committee Constitution Review

Mukhtar Master, Strategic Manager - Governance and Communications, presented a report on proposed changes to the Pension Fund Committee's constitution, aimed at aligning with the Fit for the Future reforms. The revised delegations are intended to support timely and accountable decision-making and define the role of the proposed LGPS Senior Officer. The proposed structure includes independent input to enhance challenge, transparency, and assurance within the governance framework. The Board noted the report, which confirmed that legal advice and external scrutiny had informed the proposed delegations.

Risk Register

The Board noted the latest risk register, as considered by the Pension Fund Committee. Mukhtar Master, Strategic Manager - Governance and Communications, presented the report, which included a comparison of the risk registers of Oxfordshire Pension Fund and Gloucestershire Pension Fund. No new risks or increases in existing risk scores were identified, indicating a stable overall risk profile. The asset-management transition risk had reduced following progress with LGPS Central. Workforce capacity and operational resilience remained under active review due to recruitment and service pressures. Data security and supplier controls were highlighted as key assurance areas. The Board noted the report and requested that future reporting more clearly demonstrate how controls affect the assessed likelihood and impact of relevant risks. Actions were requested for officers to review specific risks (16 and 17) against current evidence and assess if Artificial Intelligence (AI) requires new risks or mitigations.

Governance and Communications Report

Mukhtar Master, Strategic Manager - Governance and Communications, presented the Governance and Communications Report, which included a log of all regulatory and data breaches. An external review found the Fund to be in a strong overall position, with established governance arrangements and effective oversight. Areas for further development were identified, particularly concerning the clarity of controls, responsibilities, and supporting evidence. The report also detailed current completion levels for member training and arrangements for monitoring outstanding learning requirements. Updates on regulatory breaches and communications activity were provided to assure compliance, reporting, and engagement with scheme members and employers. The Board noted the report, with the Chair stressing the importance of Committee members completing required training and the need for a clear escalation process for persistent non-completion.

Governance and Communications Policy Reviews

Mukhtar Master, Strategic Manager - Governance and Communications, presented a report on the reviewed Communications Policy and Regulatory Breaches Policy. These annual reviews ensured the documents remained accurate, current, and aligned with the Fund's operational and regulatory responsibilities. The proposed amendments were minor, focusing on updating terminology, responsibilities, and procedural references. The Communications Policy continues to define how the Fund provides clear, timely, and accessible information, while the Regulatory Breaches Policy sets the framework for identifying, assessing, recording, and reporting breaches to the Pensions Regulator. The Board noted the report and was invited to review the policies for Committee approval.

Administration Report

Vicki Green, Strategic Manager - Pension Operations, presented the Administration Report, including performance statistics and staffing updates. The report detailed service performance, workload, and resource information to show progress against operational priorities. Progress on McCloud implementation and supporting technology development was outlined, along with remaining cases dependent on external guidance or system changes. Recruitment against the revised workforce structure was presented as crucial for sustaining performance, reducing backlogs, and limiting reliance on overtime. The Board welcomed the reported improvements but requested continued evidence that performance could be sustained without weakening service resilience. Actions were requested for officers to continue recruitment, report its impact on performance and overtime, and update the Board and Pensions Regulator on McCloud progress, risks, and deadlines.

Items to Include in Report to the Pension Fund Committee

The Board requested that incomplete training should be raised as a governance concern in their report to the Pension Fund Committee.

Items to be Included in the Agenda for the Next Board Meeting

The Board requested that the forward plan include the governance review, revised risk assessment, and early consultation on future policies. They also requested that any time-critical material should be circulated out of cycle with a clear response deadline, and the Board's feedback should be recorded for the subsequent Committee report.

Exempt Items

The Board discussed exempt items regarding the LGR Fund Structure and Workforce Planning Update in a private session.

• LGR Fund Structure Exempt: Mark Smith, Head of Pension Fund, presented a report updating the Board on the approach to identifying the appropriate Fund structure post LGR. The Board noted the report.
• Workforce Planning Update Exempt: Mark Smith, Head of Pension Fund, presented a report on the Fund's progress on the workforce strategy, including the phase 2 independent structure and capacity review conducted by Aon. The Board discussed the item in a private session and noted the report.