The Warwickshire Local Pension Board is scheduled to meet on Thursday 29 January 2026 to review the performance of the Pension Administration Service, discuss investment updates, and consider progress on the fund's business plan and governance actions. The Board will also review proposed updates to its own terms of reference and consider minutes from previous Pension Fund Committee meetings.

Pension Administration Activity and Performance Report

The Board is scheduled to receive an update on the key developments affecting pensions administration and the performance of the Pensions Administration Service (PAS). This report will detail the take-up of the online member portal, with figures broken down by member type (active, deferred, pensioner, and dependants). It will also present Key Performance Indicators (KPIs) for the period of April to November 2025, highlighting which of the 16 KPIs are meeting their targets. The report will provide commentary on KPIs that are currently below target, explaining the reasons for this and any actions being taken to improve performance. Specific areas of focus include the processing of retirement information, transfer in requests, and the impact of employer data submissions. The report will also cover pensioner payroll key performance indicators, workload management, and any reported breaches. Additionally, updates on compliments and complaints received, and progress on the Pensions Dashboard programme will be provided.

Investment Update Q4 2025

This report will provide a general update on investment-related activities for the Warwickshire Pension Fund. It is expected to cover cashflow, activity within private markets, and the fund's voting practices. The report will also review portfolio restructuring costs and the fund's ability to service its liabilities. Asset allocation will be compared against the target, and the performance of fund managers will be discussed. The update will include details on the value of the pension portfolio as at the end of September 2025, and the ongoing efforts to build investments in alternative assets such as Private Equity, Infrastructure, and Private Debt. The report will also summarise net cash inflow/outflow to the fund and present a cashflow requirement forecast. Voting activity for actively managed equities through Border to Coast and passive equities managed by Legal & General Investment Management (LGIM) will be detailed, along with information on the fund's alignment with government pooling requirements.

Business Plan 2025/26 Update

The Board will receive an update on the Warwickshire Pension Fund's Business Plan for 2025/26, which was approved by the Staff and Pensions Committee in March 2025. The report will outline the progress made on the plan's objectives up to the second quarter. Activities are categorised using a RAG rating (Red, Amber, Green) system, indicating their status as completed, on track, or requiring attention. The update will highlight completed items, such as the 2025 Annual General Meeting and the publication of the unaudited Annual Report and Accounts. It will also detail progress on the Task Force on Climate-related Financial Disclosures (TCFD) report. The report will also include a detailed breakdown of actions, their timescales, and their current RAG status, with comments on progress and any challenges encountered.

Governance Action Plan Update

This report will provide an update on the delivery of actions identified in a recent review of the fund's governance arrangements, conducted by AON. The report will detail the progress made in addressing the 93 actions originally identified, which have been grouped into themes and projects. A RAG rating system is being used to assess progress and identify any issues. The update will highlight the current position, showing progress in completed and green actions, and a reduction in amber items. Specific areas of focus include the drafting of updated terms of reference for the Board and Committee, and work on business continuity and disaster recovery plans for the pensions administration system. The report will also address training as an area requiring more attention and outline further activities being added to the project plan in relation to the LGPS Fit for the Future consultation and pending Pension Schemes Bill.

LPB Terms of Reference Update

The Board will consider proposed amendments to its Terms of Reference and a new Recruitment and Retention Policy. These changes are being proposed to ensure the Board's procedures align with required governance standards, following a review of the Warwickshire Pension Fund's compliance with The Pensions Regulator's General Code of Practice. The revised Terms of Reference will detail the recruitment process for each category of Board member, the role of the Independent Chair, and the knowledge and skills expectations for Board members. The new Recruitment and Retention Policy will provide detailed guidance on how the Scheme Manager will recruit, train, and review the membership of the Local Pension Board. The Board will be asked to note and comment on the draft revised Terms of Reference and the new policy, and to recommend the revised Terms of Reference to the Council for approval.

Minutes of the September 2025 Pension Fund Committees

The Board will review the minutes from the Pension Fund Investment Sub-Committee meeting held on 8 September 2025 and the Staff and Pensions Committee meeting held on 8 September 2025. These minutes will provide a summary of the matters discussed at those meetings, offering the Board an opportunity to comment on the activities of related committees.

Governance, Regulatory and Policy Update

This item will provide an update on governance, regulatory, and policy matters relevant to the Warwickshire Pension Fund. It is expected to cover any new or updated legislation, guidance, or policies that affect the fund's operations and governance. This may include updates on the LGPS Fit for the Future initiative, changes to the General Code of Practice, and any other relevant regulatory developments.