The Pensions Committee of East Riding of Yorkshire Council was scheduled to consider a range of important financial and governance matters. Key discussions were scheduled to include the Pension Fund's Annual Report and Accounts for 2025-26, updates on the McCloud Project, and the Investment Strategy Statement. The committee was also scheduled to review policies related to conflicts of interest and governance within the Local Government Pension Scheme.

Pension Fund Annual Report and Accounts 2025-26

The committee was scheduled to consider the draft Pension Fund Annual Report and Accounts for the 2025-26 financial year. This report, which incorporates the Pension Fund Accounts, was scheduled to be published on 14 August 2026. The audit process was scheduled to be underway, with completion expected by 31 January 2027. Approval of the draft accounts was sought to meet the statutory publication deadline of 1 December 2026. The report was scheduled to outline the Fund's financial performance, including its value, benefits paid out, and investment performance, which was reported as being well ahead of the long-term target return.

McCloud Project Update

An update was scheduled to be provided on the Fund's implementation of the McCloud remedy. This remedy addresses age discrimination identified in the 2014 public service pension reforms. The committee was scheduled to be informed about the progress made, the remaining rectification work, and the current compliance position. It was noted that the Fund had missed the extended deadline of 31 August 2026 for completing retrospective rectification, and a breach of law had been reported to The Pensions Regulator (TPR). A project plan was scheduled to be presented, targeting completion of the remaining work by 30 June 2027, subject to various dependencies including software functionality and the availability of further guidance.

Investment Strategy Statement

The committee was scheduled to review and approve an updated Investment Strategy Statement (ISS). This update was scheduled to be necessitated by new regulations and guidance under the Government's 'Fit for the Future' agenda. Key changes were scheduled to focus on local investments, with a target range of 0-5% set for investments impacting the East Riding Pension Fund area. The strategic asset allocation was also scheduled to be updated, reflecting Border to Coast Pensions Partnership's¹ increased role in implementing the committee's high-level asset allocation strategy. The ranges for Income and Protection asset classes were scheduled to be increased from 5% to 10% to provide Border to Coast with greater flexibility.

Conflicts of Interest Policy

A review and approval of the East Riding Pension Fund Conflicts of Interest Policy was scheduled. This policy aims to establish a consistent framework for identifying, declaring, recording, managing, and monitoring actual, potential, and perceived conflicts of interest affecting the governance and management of the Fund. The policy was scheduled to be prepared with regard to relevant legislation, statutory guidance, and The Pensions Regulator's General Code of Practice, with the objective of strengthening transparency, accountability, and assurance for all stakeholders.

Local Government Pension Scheme Regulations and Governance Update

The committee was scheduled to receive an update on current developments affecting the Local Government Pension Scheme (LGPS). This was to include the implementation of the 2026 'Fit for the Future' regulations and associated guidance on pooling, investment strategy, and fund governance. The update was also to cover pensions dashboards, recent statements from the LGPS Scheme Advisory Board, a report on the LGPS by Pensions UK, and the 2026 public service scheme return. Progress in responding to these developments, including updated governance strategies and preparations for remaining 'Fit for the Future' requirements, was to be outlined.

Corporate Governance and Voting Activity

An update on corporate governance and voting activity was scheduled, focusing on the quarter ended 30 June 2026. This report was to combine details from Border to Coast's Stewardship Report, Robeco's active ownership report, and the Local Authority Pension Fund Forum's engagement report. The aim was to provide insight into how voting rights have been used and the engagement undertaken by managers to influence company behaviour, particularly concerning environmental, social, and governance (ESG) themes. The report was expected to highlight a record number of meetings and agenda items voted on during this peak voting season.