The Pensions Committee is scheduled to meet on Thursday, 19 March 2026, to review a range of reports concerning the Lincolnshire Pension Fund. Key discussions are expected to cover the Fund's financial performance, administration, policies, and future business plans.

Pension Fund Update Report

A report from Jo Kempton, Head of the Lincolnshire Pension Fund, is scheduled to provide an update on Fund matters for the quarter ending 31 December 2025. This report is expected to cover funding and performance, an update on the breaches register, and the risk register. It will also include an update on asset pooling and details of conference and training attendance. The Fund's invested assets increased by £109 million to £3,936.7 million by the end of December 2025. The report notes that while the Fund underperformed its benchmark by 0.42% over the quarter, officers reassured members that this was not a cause for concern and would be discussed further at the Investment meeting. The report also details three breaches logged over the last twelve months, none of which required reporting to the Pensions Regulator. A new risk, Regulations and Compliance, has been added to the risk register due to the Pensions Schemes Bill and subsequent LGPS Regulations.

Report by the Independent Chair of the Lincolnshire Local Pension Board

George Graham, Independent Chair of the LGPS Local Pension Board, is scheduled to present a report updating the Committee on the Pension Board's activities over the past few months. The Board met on 22 January 2026, focusing on the performance of the administration service, the annual review of the Fund's policies, employer activity and performance, and data quality. The Board received a briefing on the development of the digital offer by West Yorkshire Pension Fund (WYPF) as part of the shared administration service. The Board was reassured that issues surrounding Local Government Reorganisation would be a greater focus in the forthcoming update to the three-year business plan. The Board gained assurance in several areas, including the performance of the administration service, controls around employer performance, actions relating to data quality, and efforts to strengthen cyber defences.

Pensions Administration Report - 1 October 2025 to 31 December 2025

Matt Mott, Head of Governance and Business Development for the West Yorkshire Pension Fund (WYPF), is expected to provide an update on current administration issues. The report highlights several Key Performance Indicators (KPIs) that were not met during the quarter, including Interfund Linking In Actual and Interfund Linking In Quote, which were affected by the team clearing a backlog of cases. The Interfund Out Actual and Interfund Out Quote KPIs were impacted by the need to assess McCloud eligibility for all cases, adding an extra administrative step. Staffing updates indicate progress in recruitment for the Finance Team and Service Centre, although some vacancies remain. Audits undertaken by Bradford Council's Internal Audit found that the control of identified risks in the system for contributions recorded on member records is partially effective, with eight recommendations for improvement. The shared service budget is projecting an underspend of £0.84 million. The report also details the Pensions Dashboard project, which aims to allow individuals to access their pension information online, and notes that the connection date for WYPF to connect to the Pensions Dashboard Programme was missed due to the 'Integrated Service Provider' not being onboarded by the deadline.

Lincolnshire Pension Fund Annual Policies Review

Jo Kempton, Head of the Lincolnshire Pension Fund, is scheduled to present a report on the annual review of the Fund's policies. This report will bring several policies to the Committee to refresh their understanding and highlight any changes. The Pensions Administration Strategy has been reviewed and updated to reflect individual shared service partner needs, with changes including alignment of KPIs with Scheme Advisory Board guidance, employer responsibilities, and administrative fines. A new Cyber Security Policy has been created in collaboration with WYPF's IT department and Lincolnshire County Council's Cyber Security Team to align with The Pensions Regulator's General Code of Practice. These policies were reviewed by the Pension Board in January 2026 and recommended for approval.

Lincolnshire Pension Fund - Business Plan

Jo Kempton, Head of the Lincolnshire Pension Fund, is scheduled to present the Lincolnshire Pension Fund Business Plan for the financial years 2026/27, 2027/28, and 2028/29 for the Committee's consideration and approval. The plan includes an introduction to the Fund, its overarching objectives in governance, investments, funding, administration, and communication. It also details pension fund statistics, including the funding position and cashflow, resources and budget, a review of 2025/26 key tasks, and the key tasks for the next three years. The plan also outlines key risks and mitigation strategies, and a forward plan for Committee and Board meetings. The estimated costs of operating the Fund for the three years are detailed, with Administration Costs, Investment Management Expenses, and Oversight and Governance Costs outlined.

Annual Report and Accounts 2025/26: Review of Accounting Arrangements and Accounting Policies, and Update from the External Auditor

Claire Machej, Accounting, Governance and Investment Manager, is scheduled to present a report on the Annual Report and Accounts for 2025/26. The report will outline changes to the Annual Report and Accounts Guidance and the Code of Practice on Local Authority Accounting for 2025/26. It will also cover the publication requirements for the Fund's Annual Report and Accounts and Statement of Accounts for 2025/26, and review the Council's Accounting Policies for the Pension Fund Statement of Accounts. The report includes the External Auditor's final report on the 2024/25 Accounts and an Early Reflections document detailing audit risks for 2025/26. The Pension Fund received an unqualified opinion on the 2024/25 Statement of Accounts and consistency opinion for the Annual Report in January 2026.

Whole Fund 2025 Valuation Report and Funding Strategy Statement

Claire Machej, Accounting, Governance and Investment Manager, is scheduled to present the Actuarial Valuation Report as at 31 March 2025 and the Fund's final Funding Strategy Statement (FSS). The Actuarial Valuation Report details the valuation methodology, funding position, and individual employer contribution rates for the period 1 April 2026 to 31 March 2029. The Fund's funding position as at 31 March 2025 was 110%, an increase from 101% at the 2022 valuation. The FSS outlines the Fund's approach to funding its liabilities, including funding targets, risk management, and how employer rates are set. All employers have agreed to their proposed contribution rates. The report also includes a sensitivity analysis showing how the funding level would change under different assumptions.

Consideration of Exempt Information

Agenda items 12 and 13 are scheduled to be considered as exempt information, as they are considered to contain exempt information as defined in paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972. The press and public may be excluded from the meeting for the consideration of these items.

Border to Coast Corporate Documents

An exempt report by Jo Kempton, Head of Lincolnshire Pension Fund, is scheduled to present the Border to Coast Corporate Documents for consideration.

Training: Cyber Security Training (West Yorkshire Pension Fund)

A report by Elizabeth Boardall, Chief Technology, Projects and Communications Officer for the West Yorkshire Pension Fund, is scheduled to introduce a training session covering Cyber Security.