The Pension Board of Worcestershire Council is scheduled to meet on Tuesday, 18 November 2025, at Wyre Forest House in Kidderminster. The agenda includes reviewing the Pension Fund Annual Report, the Business Plan, and the Risk Register, as well as updates on governance, compliance, and training. The board will also review the agenda and minutes of the Pensions Committee meeting held on 9 October 2025.

Pension Fund Annual Report

The board is scheduled to review the Pension Fund Annual Report for the year ended 31 March 2025. The report provides an overview of the fund's performance, activities, and governance arrangements. Appendix 2 of the report pack contains a draft summary of the Worcestershire Pension Fund (WPF) Annual Report 2024-25.

Business Plan

The Pension Board is scheduled to discuss the Business Plan. The report pack includes a cover report, and Appendix 1, which contains the Business Plan itself. Appendix 3 contains the I-Connect Employer Log.

Risk Register

The board is scheduled to review the Risk Register. The report pack includes a cover report and an explanation of the Risk Register.

Governance and Compliance Update

The board is scheduled to receive a Governance and Compliance Update. This includes a Good Governance Position Statement (Appendix 1), the WPF Breaches of Law Policy 2025 (Appendix 2), the WPF Incident Response Plan 2025 (Appendix 3), the WPF Cyber Security Policy 2025 (Appendix 4), a Cyber Security Leaflet for BC 2025 (Appendix 5), and a draft Funding Strategy Statement (Appendix 6).

Training Update

The board is scheduled to discuss a Training Update, including a cover report, the Training Policy and Programme (Appendix 1), the Training and Conferences Calendar (Appendix 2), and a Pre-Meeting Training Proposal (Appendix 3).

Forward Plan

The board is scheduled to review the Forward Plan, which sets out the board's planned activities for the coming months.

Pensions Committee - 9 October 2025

The board is scheduled to review the agenda and minutes of the Pensions Committee meeting held on 9 October 2025. Items that were scheduled to be discussed at that meeting included:

• Pension Fund Annual Report
• Local Pension Government Scheme (LPGS) Central Shareholder Representative Delegation
• Business Plan
• Risk Register
• Governance and Compliance Update
• Training Update
• Forward Plan
• Pension Fund Budget Forecast Outturn 2025/26 and Updated Indicative Budgets 2026/27 to 2028/29 (Exempt report)
• Redington Ltd Review of the Fund's Investment Strategy (Exempt report)
• Pension Investment Update (Exempt report)
• LGPS Central Ltd Update (Exempt report)

Scheme Advisory Board (SAB) Update

The board is scheduled to receive a verbal update on the Scheme Advisory Board (SAB). The SAB is a body that provides advice and support to local government pension schemes in England and Wales.

LGPS Central Limited (LGPSC) Update

The board will be asked to exclude the public and press from the meeting for this agenda item as it is likely that exempt information relating to the financial or business affairs of any particular person (including the local authority holding that information) will be disclosed. LGPS Central Limited is a collaboration of eight Midlands-based local government pension funds with approximately £45 billion of assets.