The Pensions Board of Shropshire Council met on Friday 23 January 2026 to discuss administration and regulatory updates, and to review progress on key projects. The Board noted the contents of the administration and regulatory updates report, and received feedback on the Pensions Committee's recent meetings.

Administration and Regulatory Updates

The Board received an update on the performance of the pensions administration team, with a report detailing Key Performance Indicators (KPIs) and ongoing projects. Vicky Jenks, the responsible officer for the report, highlighted that 10 out of 14 KPIs were currently meeting the 95% target for completion within legal timeframes. However, areas such as the processing of deferred benefits had been impacted by staff departures and maternity leave, with recruitment underway to address these vacancies.

The administration team is implementing a new workflow process from February 2026, allocating tasks based on individual skill sets and capacity rather than a multifunctional split. This change aims to improve efficiency and manage workflows more effectively, especially considering staff absences and project commitments. The team is also preparing for additional work anticipated from April 2026 due to changes from recent consultations on Access and Fairness, Access and Protections, and Fit for the Future.

Communication channels were reviewed, with the helpdesk team receiving a significant volume of calls and emails. The My Pension Online service has seen a steady increase in registrations, with nearly 60% of members now signed up, facilitating digital communication. However, the report noted that 40% of members not using the online portal would still require paper communications for regulatory disclosures. The accuracy rate of Penny the Pensions Bot, an AI assistant, was reported at 73% for the period, with plans to adopt a more sophisticated bot developed by the Council's ICT team in the future.

Employer data submissions and monthly contributions were generally timely, with a few instances of delays attributed to payroll provider changes. The team is developing an information guide for employers to streamline this process.

Key projects discussed included the ongoing fund valuation, with employer sign-off on new rates due by 30 January 2026. The Funding Strategy Statement had been reviewed and revised, with a consultation underway before committee ratification in March. Progress on the Pensions Dashboards implementation was also noted, with the annual address tracing project set to enhance data quality for dashboard connectivity. The report also highlighted the fund's participation in the 2025 CIPFA benchmarking exercise, which indicated that Shropshire's administration costs per member were below the national average.

Regulatory updates included information on Budget 2025, detailing changes to National Insurance relief for salary sacrifice pension contributions from April 2029, proposed Stamp Duty Land Tax exemptions for LGPS member funds transferring real estate into approved pools, and changes to inheritance tax rules affecting unused pension funds and death benefits from April 2027.

The Board resolved to note the contents of the report.

Pensions Committee Reports and Feedback

Board members were given the opportunity to raise questions following the recent Pensions Committee meeting held on 5 December 2025. The reports considered by the Pensions Committee were made available for review.

Date of Next Meeting

The date for the next meeting was to be confirmed.

Exclusion of Press and Public

It was resolved that the press and public would be excluded from the meeting during the consideration of the following items, in accordance with the Local Government Act 1972 and related regulations.

Exempt Minutes

The Exempt Minutes of the previous meeting held on 3 October 2025 were attached for confirmation.

Economic Update

An exempt report from the Pensions Investment and Responsible Investment Manager provided an update on general economic conditions and their impact on the pension fund investments for the first five months of the 2025/26 financial year.

Pensions Committee Exempt Reports and Feedback

Exempt reports considered by the Pensions Committee at its meeting on 5 December 2025 were made available for the Board's review.

Governance Update

An exempt report from the Pensions Administration Manager provided an update on breaches of LGPS regulations recorded between April and June 2025 affecting the Shropshire County Pension Fund. It also included updates on other governance issues and the number of appeals received under the Internal Disputes Resolution Procedure (IDRP).