The Warwickshire Local Pension Board met to discuss pension administration, governance, investments and other general business. Keith Bray, Independent Member Chair of the board, was scheduled to chair the meeting. The agenda included a review of the previous meeting's minutes and updates on various aspects of the Warwickshire Pension Fund.

Governance, Regulatory and Policy Update

The board was scheduled to consider a report summarising the main governance issues affecting the Warwickshire Pension Fund. These included the forward plan, risk monitoring, updated policies, training and regulatory updates.

The forward plan was included in Appendix 1 for Governance Regulatory and Policy Update and was scheduled to be reviewed.

The report also noted that risk management is critical to recognise the probability of events having a negative impact on the Pension Fund, and to minimise their likelihood and impact. A risk register is maintained to record the main identified risks to the Fund, and the controls and mitigations applied. The full risk register is presented to the Pension Fund Investment Sub-Committee and was last presented in June 2025.

Two Fund policies had been reviewed:

• The Risk Policy, detailing the risk management strategy for the Fund, including the steps taken to manage and measure risk.
• The Administration Strategy, setting out the expectations placed on both the administering authority and its participating employers regarding data quality, timescales and standards.

The Fund actuary had calculated the initial whole Fund results for the 2025 formal triennial valuation, and the Fund's actual funding level was reported to be 132% as 31 March 2025. The report stated that the Investment Sub-Committee was scheduled to approve the final triennial valuation report at its meeting on 9th March 2026 ahead of the publication deadline.

The 2025/26 Training plan is published on the Fund's Governance SharePoint page for members of the Local Pension Board to access. The next scheduled training session is on Thursday 23rd October and will cover the Fund's existing Cyber Security Policy and Critical Services (business continuity) Plan.

The report also included regulatory updates, including that Alison McGovern MP had taken over responsibility of the LPGS in England and Wales from Jim McMahon MP.

The Governance Regulatory and Policy Update also included information on Local Government Reorganisation (LGR) in Warwickshire, with a decision expected some time before the summer parliamentary recess in 2026.

A draft version of the Warwickshire Pension Fund 2024/25 annual report and accounts was attached in Appendix 2 for Governance Regulatory and Policy Update for the Board's attention.

Investment Update

The Warwickshire Local Pension Board were scheduled to receive an update on investment related activity. This included cashflow, private markets activity, voting, portfolio restructuring costs and the next steps for LGPS pooling¹.

The report noted that the pension portfolio had a value of £3.14bn as at the end of June 2025, which was an increase of 2.6% from the previous quarter.

A key activity for the Fund remains the building up of investments in alternatives² in line with the approved Investment Strategy. The Fund had serviced 80 capital movements in the last quarter, with a net capital outflow of £1.65m.

The report also included a cashflow review, and an update on the Taskforce on Climate-related Financial Disclosure (TCFD) report.

The report stated that seven Access partner funds have announced that they wish to join the Border to Coast Pension Partnership³.

The report also summarised voting activity in the previous quarter in respect of funds held with Border to Coast and Legal & General Investment Management (LGIM).

Pension Administration Activity and Performance Update

The Warwickshire Local Pension Board were scheduled to receive an update on the key developments affecting pensions administration and the performance of the Pensions Administration Service (PAS).

The report included information on online portal membership, annual benefit statements, and key performance indicators (KPIs).

The report stated that the PAS had identified 35 members who are in scope for the protections and have received a transfer from a previous public sector pension scheme where remedy information is not yet available from the previous scheme. These members have received direct communication and will have rectified information supplied to them in their 2026 ABS.

The report also provided information on the government's Pensions Dashboard Programme, and the PAS's progress in connecting to the national dashboard.

LGPS Governance Action Plan

The Warwickshire Local Pension Board were scheduled to receive an update on the delivery of the actions identified in the recent review of the Fund's governance arrangements which was conducted by AON.

The report stated that 93 actions were identified and these were grouped into themes and themes were grouped into projects in order to organise the activity. A RAG rating⁴ is being used to assess progress and help to identify any issues.

The report noted that the most fundamental amber action relates to the recommendation that the Fund manages all of its affairs through a single pensions committee focusing entirely and exclusively on delivering LGPS administering authority responsibilities.

The report also stated that the government has since then issued its final response to the LGPS Fit for the Future consultation and this puts in train a number of new expectations and requirements of Funds. The intention is to add an appropriately organised list of activities into this project that covers these new expectations to ensure they are delivered appropriately.

Business Plan 2025/26 Update

The Warwickshire Local Pension Board were scheduled to note and comment on the progress made as at Quarter 2 towards the Business Plan objectives.

The report set out the Warwickshire Pension Fund's Business Plan for 2025/26 as approved by the Staff and Pensions Committee in March 2025, and the progress made up to the second quarter.

The report noted that Item 36 has been marked as amber to reflect the challenge of delivering the actions in the Governance Action Plan and additional governance requirements outlined in the Fit For the Future consultation, and that Item 28 has been marked as amber while the Fund consults stakeholders on local investment views before work is done to meet new local investment requirements through Border to Coast.

Minutes from the June 2025 Pension Fund Committees

The Warwickshire Local Pension Board were scheduled to consider and comment on the minutes from the June 2025 Pension Fund Investment Sub-Committee and June 2025 Staff and Pensions Committee.