The Local Pension Board of Oxfordshire Council met on Friday, 4 July 2025, to review several reports and policies related to the management and administration of the Oxfordshire Pension Fund. The agenda included the annual report of the board, a review of the annual business plan, risk management, governance and communications, administration, and other key issues. The board was also scheduled to discuss items to include in their report to the Pension Fund Committee and the agenda for their next meeting.

Annual Report of the Local Pension Board

The board was scheduled to review and approve its annual report, which summarises the board's activities over the past year. The report includes details on board membership, attendance, and training records. The report noted the resignation of Angela Priestley-Gibbins as a scheme employer representative and thanked her for her contributions.

The annual report also highlights the board's work programme, including regular reviews of standard reports presented to the Pension Fund Committee, such as the Annual Business Plan and Budget, Governance and Communications Report, Risk Register, and Administration Report.

The main issues identified by the Board in respect of these reports were in respect of the skills, knowledge and experience of those charged with the governance of the Fund. During the year, the Board expressed concern with the local elections and possible change in Committee membership and loss of experience. An additional risk was added to the risk register and monitored by the Board. The Board also raised specific concerns around the resources available to manage the McCloud project and kept a regular review of the status of the project throughout the year.

The report also mentions the board's focus on the new General Code of Practice issued by the Pension Regulator¹.

Review of the Annual Business Plan

The board was expected to review the Annual Business Plan for 2025/26, previously considered by the Pension Fund Committee on 6 June 2025. The plan outlines the key objectives and service priorities for the Oxfordshire Pension Fund. According to the report pack, the overall objectives are:

• To fulfil the council's fiduciary duty to all key stakeholders
• To administer pension benefits in accordance with the LGPS regulations², and the guidance set out by the Pensions Regulator
• To maintain a funding level above 100%
• To ensure there are sufficient liquid resources to meet the liabilities of the Fund as they fall due
• To maintain as near stable and affordable employer contribution rates as possible

The four key service priorities included in the 2025/26 plan were:

• Deliver further improvements to the governance arrangements of the Fund
• Deliver further operational effectiveness of the service delivery/administration function, including delivery of regulatory changes.
• Develop further the Fund's Investment and Funding service.
• Deliver service enhancements and cost reductions through increased use of technology.

Risk Register

The board was scheduled to review the latest risk register, which had been considered by the Pension Fund Committee on 6 June 2025. The risk register identifies key risks to the achievement of the fund's objectives and includes mitigation plans.

According to the report pack, the Local Pension Board had previously requested that 'Risk 18: Failure to Meet Government Requirements on Pooling' be raised to a red rating. The risk was assessed through consultation with fund officers and the Independent Financial Advisor, and it was increased to an amber rating.

Governance and Communications Report and Policy Reviews

The board was expected to review the Governance and Communications Report, which includes a log of regulatory and data breaches. The board was also scheduled to review and approve several revised policies:

• Communications Policy
• Governance Policy
• Governance Compliance Statement
• Regulatory Breaches Policy

The Communications Policy sets out the Oxfordshire Pension Fund's approach for its communications with members and Scheme Employers. The Governance Policy outlines the overall governance structures and arrangements in place, including the roles and responsibilities of the Pension Fund Committee, Local Pensions Board, and related sub-committees. The Governance Compliance Statement outlines the overall governance structures and arrangements in place. The Regulatory Breaches Policy outlines the process for reporting breaches of the law to the Pensions Regulator.

Administration Report and Policy Review

The board was scheduled to review the latest Administration Report, which includes performance statistics for the service. The Administration Report also provides updates on key administrative issues, such as service performance measurement, the debt recovery process, and any write-offs agreed in the last quarter.

The board was also expected to review the Data Retention Policy and Privacy Notice. The Data Retention Policy sets out the Fund's policy on the retention of personal data in accordance with data protection legislation. The Privacy Notice provides information about the data the council holds, how it is used, and members' rights in relation to it.

LGPS Pooling Reform and Affordable Housing

The board was scheduled to note reports on LGPS Pooling Reform and Affordable Housing, as presented to the Pension Fund Committee on 6 June 2025. These items were marked as exempt, meaning the public was excluded from discussions due to the likely disclosure of exempt information.