The Pension Board meeting scheduled for 21 January 2026 was set to cover updates on the Gloucestershire Pension Fund's governance, operations, funding, and investments. Key discussions were expected to include the latest business updates, risk management, audit findings, and ongoing consultations regarding the Local Government Pension Scheme (LGPS).

Gloucestershire Pension Fund Business Update - Governance & Operations

The Board was scheduled to receive an update on the governance and operational aspects of the Gloucestershire Pension Fund. This included noting the minutes from the Pension Committee meeting held on 4 December 2025, and reviewing the Risk Register, which detailed current risks above their target levels. The report was also set to cover the audit findings for the 2024-25 financial year, presented by KPMG, and provide information on ongoing consultations affecting the LGPS.

One significant area of discussion was expected to be the LGPS: Fit for Future technical consultation, which addresses proposed changes to pooling, management, and investment of funds, as well as amendments to governance regulations. The Board was also to be updated on the Pension Schemes Bill, a piece of government legislation aiming to accelerate asset pooling, enhance governance, and stimulate UK investment within pension schemes.

In terms of operations, the Board was to be informed about the progress of the Data Improvement Plan, which aims to enhance the quality of pension fund data. Key Performance Indicators (KPIs) for the fund's administration were also to be reviewed, alongside an update on the 2025/26 Business Plan and its core projects, including the implementation of a Cyber Security Strategy, the Pension Dashboard, and the Employer Portal (i-Connect).

Gloucestershire Pension Fund Business Update - Funding & Investments

The meeting agenda also included a review of the Gloucestershire Pension Fund's funding position and investment performance. As the 2025 triennial valuation process was underway, a detailed quarterly funding update was not anticipated, but assurance was to be given that no major events had materially affected the Fund since the September meeting.

The investment update was to cover the Fund's market value, asset allocation, and investment performance up to 30 September 2025. This included a review of returns against benchmarks for various asset classes, such as equities, fixed interest, and alternatives. The report was also to detail investment activities, including calls into private markets, and present the current Strategic Asset Allocation (SAA) against target allocations.

Furthermore, the Board was scheduled to receive an update on Responsible Investment activities, including engagement reports from The Local Authority Pension Fund Forum (LAPFF) and an analysis of the Fund's equity holdings. A notable mention was the recognition of Faith Ward, Chief Responsible Investment Officer at Brunel Pension Partnership, for her MBE for services to pensions and the environment.

Risk Management and Audit Findings

The Board was to review the Fund's Risk Register, which is updated quarterly and provides a dashboard overview of risks across governance, funding & investment, and operational categories. Specific highlighted risks were to be discussed, including those related to governance (Risk 1 and Risk 7) and funding & investment (Risk 17), which pertains to the costs associated with transitioning assets to LGPS Central and exiting the Brunel Pension Partnership.

The Audit Findings Report for 2024-25, prepared by KPMG, was also on the agenda. This report would detail the outcome of the audit of the Pension Fund's financial statements, including any identified control deficiencies or uncorrected audit misstatements. The report indicated an unqualified opinion had been received for the Pension Fund.

Consultations and Policy Updates

The Board was to be informed about several government consultations impacting the LGPS, including LGPS Scheme improvements (access and protections) and LGPS: Fit for Future - Technical Consultation. These consultations cover areas such as the Normal Minimum Pension Age, access for councillors and mayors, academies, and new Fair Deal regulations. The report indicated that officers had prepared responses to these consultations, incorporating feedback from the Pensions Committee.

Additionally, the Board was scheduled to note the Debt Management Policy, which the Pension Committee had approved.