The LGPS Local Pension Board were scheduled to meet on Thursday 23 October 2025 to discuss the Lincolnshire Pension Fund. The agenda included discussion of the fund's performance, administration, and risk management, as well as a review of the annual report and accounts. The board was also scheduled to discuss the results of the 2025 valuation and the draft Funding Strategy Statement (FSS).

Whole Fund 2025 Valuation Results and Draft Funding Strategy Statement

The LGPS Local Pension Board were scheduled to receive a report from Claire Machej, Accounting, Investment and Governance Manager, which was to introduce a presentation from Barnett Waddingham, the Fund's Actuary. The presentation was to set out the whole Fund valuation results from the latest valuation, undertaken as at 31 March 2025, and the Fund's draft Funding Strategy Statement (FSS). The following documents were listed to be discussed as part of this agenda item:

• 2025 Valuation Initial Results and Draft FSS
• Initial Val Results BW presentation
• Draft FSS
• 2025 Valuation Engagement Plan

Annual Report and Accounts 2024/25

The board were scheduled to receive a report from Claire Machej, Accounting, Investments and Governance Manager, regarding the Draft Annual Report and the Draft Auditor's Year End Report from KPMG, the Fund's External Auditor, on the audit of the 2024/25 financial statements. The following documents were listed to be discussed as part of this agenda item:

• Annual Report and EA - Audit Completion Report
• Annual Report 2025 draft
• Auditors ISA 260 Report¹

Risk Register Annual Review

The board were scheduled to receive a report from Jo Kempton, Head of Lincolnshire Pension Fund, presenting the Pension Fund Risk Register and Risk Policy for annual review. The following documents were listed to be discussed as part of this agenda item:

• Risk Register Annual Review
• Risk Management Policy
• Risk Register Oct 25

Internal Audit Assurance

The board were scheduled to receive a report from Jo Kempton, Head of Lincolnshire Pension Fund, introducing a paper from the Head of Internal Audit setting out the internal audit approach to gaining assurance on the management of the Pension Fund. The following documents were listed to be discussed as part of this agenda item:

• Internal Audit Assurance
• Annual Assurance Report 2024-5

Pension Fund Update Report

The board were scheduled to receive a report from Jo Kempton, Head of Lincolnshire Pension Fund, updating them on the fund for the quarter ending 30 June 2025, and any other current issues. The following documents were listed to be discussed as part of this agenda item:

• Fund Update Report - to Jun 25
• Breaches Register

Pensions Administration Report - 1 April 2025 to 30 June 2025

The board were scheduled to receive a report from Matt Mott, West Yorkshire Pension Fund, presenting the quarterly report of the Fund's administrator. The following documents were listed to be discussed as part of this agenda item:

• Pensions Administration Report
• KPI Table²
• Customer Surveys
• Shared Service Risk Register
• Regulatory Update

Work Plan and Training Needs

The board were scheduled to receive a report by Claire Machej, Accounting, Investment and Governance Manager, inviting them to consider its work programme and training needs. The following documents were listed to be discussed as part of this agenda item:

• Training Needs and Work Plan
• LGPS Pension Board Work Plan