The Hampshire Pension Fund Panel and Board are scheduled to meet on Tuesday 30 September 2025. The meeting will cover the ACCESS Joint Committee minutes, the training policy for the board, and the 2025 actuarial valuation¹ for the Hampshire Pension Fund. Some of the meeting will be held with the press and public excluded because it is likely that exempt information would be disclosed.

2025 Actuarial Valuation

The Hampshire Pension Fund Panel and Board are scheduled to receive a report about the actuarial valuation process in the Local Government Pension Scheme (LGPS). Hymans Robertson, the fund's actuary, will present draft valuation outcomes. These results are scheduled to be shared with employers at the Annual Employer Meeting (AEM) on 21 October 2025. Individual employer results are scheduled to be provided by the end of December 2025, and the Rates and Adjustments Certificate is scheduled to be finalised by 31 March 2026, with new contribution rates payable from 1 April 2026.

The report notes that the fund has been improving its funding position since 2013 and that the 2022 valuation was the first time in recent memory that it was in surplus. The report states that the Director of Corporate Operations has discussed with the Fund's Actuary how the fund can continue to deliver its aims, as set out in the Funding Strategy Statement (FSS). The fund's aims are summarised as:

• managing employers' liabilities effectively
• keeping primary contribution rates nearly constant
• seeking returns on investment within reasonable risk parameters

The report also notes that the actuarial valuation includes climate scenario analysis which aligns with the Pension Fund's Taskforce on Climate Related Financial Disclosure (TCFD) reporting.

Governance: Training Policy

The Panel and Board are scheduled to receive a report setting out proposals for the training arrangements for members in 2025/26. The report considers the Training Needs Analyses (TNAs) completed by Panel and Board members in 2025 and the Hymans Robertson Knowledge Assessment completed in 2023. The report includes the proposed Training Policy and Plan for 2025/26, which is based on the Public Service Pension Act 2013 requirement for Pension Board members to have the appropriate knowledge and understanding to properly exercise their functions.

The report recommends that the Panel and Board recommit to completing the Minimum Training Requirements set out in the report. For new Panel and Board members, this includes the LGA Fundamentals course and the eight Hymans Aspire modules. For all Panel and Board members, this includes updated Hymans Aspire modules and internal briefing sessions. The report also notes that the Government's 'Fit for the Future' consultation, published in November 2024, included a number of points relevant to the Panel and Board's training, including the requirement to prepare and publish a training strategy.

The report also details the internal training programme, with planned agenda topics including:

• Cyber security
• Responsible Investment
• Training on the triennial valuation from Hymans Robertson
• Pension Fund financial transactions
• Artificial intelligence (AI)
• Setting the investment strategy and investment beliefs
• Pooling and changes to the LGPS landscape
• Pool onboarding and offboarding
• Modern slavery and human rights
• Local investment

The report also includes a summary of the training budget and actual expenditure for 2024/25, as well as a proposed budget for 2025/26.

ACCESS Joint Committee Minutes

The Panel and Board are scheduled to receive and note the public minutes of the ACCESS Joint Committee held on 16 June 2025. Councillor Mark Kemp-Gee is mentioned as the out-going Chairman, who conducted the election of Chairman. The minutes include a discussion of the 2025/26 Business Plan, Budget & Risk Summary, Project Castle², Alternative Assets, Investment Performance and the Risk Register.