The Warwickshire Local Pension Board met on Tuesday 28 April 2026 to discuss a range of topics concerning the administration and investment of the Warwickshire Pension Fund. Key areas of focus included updates on pension administration activity and performance, investment performance, progress on the fund's business plans for the current and upcoming years, and an update on the LGPS Governance Action Plan. The board also reviewed governance, regulatory, and policy matters affecting the fund.

Pension Administration Activity and Performance Update

The board was scheduled to receive an update on the performance of the Pensions Administration Service (PAS). This included information on online portal membership, with figures showing the number of active, deferred, and pensioner members who had created an online profile. The report detailed Key Performance Indicators (KPIs) for the period, noting that 13 out of 16 KPIs were meeting their targets, an improvement from the previous year. Specific KPIs that were below target, such as B4 (communication issued to active members with pension and lump sum options) and B9 (communication issued to scheme members with completion of transfer in), were to be discussed, with explanations for the performance and planned improvements. Workloads were also to be reviewed, with an increase in cases created and completed compared to the previous year, driven by the Engage system and increased member interaction. The report also outlined the number of breaches recorded, categorised by those caused by the Fund and by employers, with details on any red or amber breaches. Compliments and complaints were to be noted, including the status of outstanding Internal Dispute Resolution Procedure (IDRP) cases and any open investigations with the Pensions Ombudsman. The implementation of the annual pension increase of 3.8% for deferred and pensioner members was also on the agenda, along with updates on the connection to the national pension dashboard programme and the procurement of a data cleansing tool. Finally, the report was to provide an update on regulatory changes expected following the Access and Fairness consultation, and the anticipated impact of these changes on the PAS. Benchmarking results against the Chartered Institute of Public Sector Financial Accountants (CIPFA) were also to be presented, highlighting areas where the Warwickshire Pension Fund performed well against the benchmark.

Investment Update

The meeting was scheduled to cover an update on investment activities for the fourth quarter of 2025. This included a portfolio commentary detailing the asset allocation of the pension fund, which stood at £3.39bn at the end of December 2025. The report was to provide a summary of capital calls and distributions, noting the Fund's increasing use of private market investments. Cashflow forecasts for the next three years were to be presented, with an indication that the Fund might experience a negative cashflow in the next quarter, which was described as a normal feature of a pension fund. The report was also to include a summary of the Fund's voting activity, with a request for a more detailed analysis of the breakdown of votes. The progress towards full pooling of assets through Border to Coast was to be discussed, with seven new funds set to join, making it the largest pool overseeing £110 billion of assets. The Fund's revised responsible investment policy, which aligns closely with Border to Coast's, was to be considered. The report was also to address factors that could impact employer contribution rates and the Fund's strategies for managing cashflow, such as investing in less volatile assets and selling illiquid assets under distress. The government's fit for the future consultation and its implications for investment pools were also to be discussed. The report was to detail commitments to alternative investments, including a decision to commit £75m to Private Credit in 2026/27. The transition of indirect property holdings to the BCPP UK Real Estate (Main) Fund was also to be outlined, along with the approved commitments for this transition.

Business Plan Update 2025/26

The board was scheduled to review the progress made against the Warwickshire Pension Fund's Business Plan for 2025/26. The report was to summarise the RAG (Red, Amber, Green) ratings for all activities listed in the plan, indicating whether items were completed, on track, or facing challenges. Specific items noted for attention included the development of a medium-term financial plan, which had moved from Green to Amber, and actions relating to the 2025 valuation, which had been marked as complete. The work with Border to Coast to meet local UK investment requirements was also highlighted as remaining at Amber. The update on the Investment Strategy Statement, aligned with the 2025 Valuation, was to be discussed, along with anticipated further requirements arising from the Pension Schemes Bill.

Business Plan 2026/27

The meeting was to consider the Warwickshire Pension Fund's Business Plan for 2026/27. This plan is designed to guide and direct the Fund's operations over the next three financial years, providing clarity on goals and objectives. It sits alongside other key documents such as the Investment Strategy Statement and Funding Strategy Statement. New additions to this year's plan were to include a long-term map of policy reviews, major projects, contracts, and strategic developments, as well as new performance measures for governance. The plan also indicated an intention to add a medium-term financial plan during the year to consolidate various financial activities.

LGPS Governance Action Plan Update

An update on the delivery of actions identified in the review of the Fund's governance arrangements was scheduled for discussion. This included actions from an AON review and additional activities related to the pending Pension Schemes Bill. The report was to summarise the RAG status of all original actions, noting a reduction in the number of amber items. Actions to address key amber items, such as approving Terms of Reference for a single LGPS pension fund committee and creating a Senior LGPS Officer position, were to be detailed. The report was also to present a summary of new actions added in respect of the Pension Schemes Bill, covering fund governance and LGPS pooling and investment management. The total number of actions, including these new additions, was to be discussed, along with plans to simplify and consolidate the plan. Financial implications, including the cost of new services from the pool and the use of existing resources for most of the work, were to be noted.

Governance, Regulatory and Policy Update

This item was to provide a summary of the main governance issues affecting the Warwickshire Pension Fund. It included an updated Forward Plan, separated into a policy review schedule and a section covering the strategic environment, special projects, and contract lettings. The report was to provide an update on the risks identified in the Risk Register and the management actions in place to address them, with a summary of residual risk scores. New risk drivers, such as potential long-term challenges from employers to the Funding Strategy Statement and the inability to meet demand for backdated calculations due to recent scheme improvement consultations, were to be highlighted. The addition of Artificial Intelligence (AI) as a standalone risk to the register was also to be discussed. The update was to detail the review and approval of the Responsible Investment (RI) Policy and the Voting Policy, outlining the updates made in line with changes to the corresponding Border to Coast policies. Regulatory updates were to include the government's response to the Access and Fairness consultation, detailing changes to death grants, survivor benefits, and qualifying additional pension arrangements. The MHCLG's response to the LGPS access for elected members consultation, confirming plans to extend LGPS access to councillors, was also to be covered. Information on the LGPS Governance Conference 2027 and the Scheme Advisory Board's annual review for 2025/26 were to be provided. Confirmation of the annual revaluation and pensions increase of 3.8% was to be noted. Finally, the report was to cover training plans for Local Pension Board members, emphasizing the importance of maintaining knowledge and skills standards in line with CIPFA guidance and the Pensions Schemes Bill.