The Local Pension Board of Oxfordshire Council met on Friday 24 April 2026 to discuss the annual business plan for 2026/27, review the fund's risk register, and consider proposed changes to the Board's constitution. The meeting also included updates on governance and communications, administration performance, and investment strategy.

Annual Business Plan 2026/27

Mark Smith, Head of Pensions, presented the Annual Business Plan for 2026/27. The Board was invited to review the plan, which includes the budget and training plan, and consider updates on the Fit for the Future initiative and Local Government Reorganisation. The plan was previously considered by the Pension Fund Committee on 6 March 2026.

Risk Register

Mukhtar Master, Governance and Communications Manager, presented the latest risk register, which had also been reviewed by the Pension Fund Committee on 6 March 2026. The Board was asked to review the report and provide any further views to the Committee.

Governance and Communications Report

The Board was invited to review the Governance and Communications Report, presented by Mukhtar Master, Governance and Communications Manager. This report, previously presented to the Pension Fund Committee, includes a log of all regulatory and data breaches.

Review of the Local Pension Board Constitution

Mukhtar Master, Governance and Communications Manager, presented a report on the proposed changes to the Local Pension Board constitution. The Board was invited to review and approve these changes. The Local Pension Board was recommended to approve the revised constitution.

Administration Report

Vicki Green, Pension Services Manager, presented the latest Administration Report. The Board was invited to review the report, which was previously presented to the Pension Fund Committee on 6 March 2026. The report includes performance statistics for the administration service and an update on staffing.

Investment Strategy Statement Consultation

Greg Ley, Financial Manager – Pension Fund Investment, provided a verbal update on the consultation regarding the Investment Strategy Statement.

Corporate Governance and Socially Responsible Investment

Josh Brewer, Responsible Investment Manager, presented a report detailing the results of an investment survey conducted among members. The report focused on members' views regarding responsible investment, with specific attention to investments in the Defence & Aerospace sector and local investment priorities.

Items to Include in Report to the Pension Fund Committee

The Board was invited to confirm the issues they wished to include in their latest report to the Pension Fund Committee.

Items to be Included in the Agenda for the next Board Meeting

Members were invited to identify any issues they wished to add to the agenda for the next Board meeting.

Exempt Items

The Board was recommended to exclude the public for the duration of items 16, 17, and 18, as these were likely to involve the disclosure of exempt information. The reports relating to these items were considered strictly private.

Workforce Planning Update (Exempt)

Mark Smith, Head of Pensions, provided an update on the progress of the workforce planning project.

2025 Valuation Results (Exempt)

Mark Smith, Head of Pensions, presented an update on the progress of the 2025 valuation.

Taxation Update Tax Implications Report (Exempt)

This report followed a request from the Board for information regarding the Fund's tax position, as part of the ongoing transition from Brunel Pensions Partnership to LGPS Central, as required by the Government. The Board was recommended to note the update.