The Local Pension Board for Wiltshire Council met on 11 September 2025, and among the topics discussed were fund performance, risk management, and compliance with governance standards. The board reviewed and provided feedback on the Headlines and Monitoring (HAM) report, the Key Financial Controls, and new policies regarding conflicts of interest and breaches. The board also reviewed the Wiltshire Pension Fund's annual report and accounts for 2024/25.

Here's a detailed look at the key discussion points:

• Headlines and Monitoring (HAM) Report
  • The board reviewed the HAM report, which offers ongoing oversight of regulatory, legal and fund updates, governance, risk, and administration.
  • The report indicated that investment performance for the quarter ending in June 2025 was positive at +3.1%, though slightly below the combined benchmark of +3.3%. The fund's value at the end of June 2025 was £3.6 billion.
  • The board discussed the challenges of filling the Fund Governance Manager position, which has been difficult to fill, but noted that a market supplement has been added to the role to support recruitment.
  • The board reviewed progress against actions related to compliance with the Pension Regulator's General Code of Practice (GCOP).
  • The board reviewed the risk register, and noted an increase in financial management risk due to challenges in agreeing on a service level agreement (SLA) with Wiltshire Council, which impacts budget monitoring and the ability to assess value for money. They also noted an increase in systems management risk due to issues with the member self-service portal.
  • The board noted improvements in administration Key Performance Indicators (KPIs) with most KPIs at 90% or higher, and the backlog of work under 100 cases.
  • The board reviewed the SWAP audit update, and noted that only two priority 3 findings were identified, leading to an increase in the overall rating from Low Reasonable to High Reasonable.
  • The board was asked to endorse the risk register and note the SWAP Key Controls audit report.
• Conflicts of Interest Policy
  • The board reviewed a new Conflicts of Interest Policy, which is required under the Pension Regulator's General Code of Practice (GCOP). The policy covers how conflicts are managed, including those that arise between the fund and the administering authority.
  • The board was asked to review the policy, highlight any areas of concern, and recommend its approval to the Pension Fund Committee.
• Breach Policy
  • The board reviewed a new Breach Policy, which is required under the Pension Regulator's General Code of Practice (GCOP). The policy sets out who must report breaches, how the fund makes decisions on whether to report a breach, and how reporting will be done.
  • The board was asked to review the policy, highlight any areas of concern, and recommend its approval to the Pension Fund Committee.
• Governance Compliance Statement
  • The board reviewed the updated Governance Compliance Statement, which the Fund is required to publish under Regulation 55 of the Local Government Pension Scheme Regulations 2013.
  • The board was asked to note the Governance Compliance Statement.
• Key Financial Controls Report
  • The board reviewed the Key Financial Controls report, and were asked to highlight any areas which they believed should be flagged for the attention of the Pension Fund Committee or investigated in more detail.
  • The report indicated that the final audit opinion for four years of accounts that were part of the audit backlog with Deloitte resulted in a disclaimed opinion[^2]. [^2]: A disclaimed opinion means the auditors were not able to obtain sufficient, appropriate audit evidence to conclude whether the financial statements as a whole are free from material misstatement.
  • The report also provided an update on the quarterly financial performance dashboard, including employer contributions, pension payments, treasury and cashflow management, data controls, budget and fund accounts, and financial returns and publications.
• Wiltshire Pension Fund Annual Report and Accounts 24/25
  • The board reviewed the annual report and accounts for the year ended 31 March 2025.
  • The board was asked to note the annual report and accounts.
• Forward Work Plan
  • The board reviewed its Scheme Year Forward Work Plan, and noted the date of the next meeting as 6 November 2025.

The meeting also included welcomes to new board members Morgan Bowley and Ross Shawe.