The Pension Fund Committee for Buckinghamshire Council met to discuss several topics, including a pooling transition plan, scheme improvements, and a carbon metrics report. The committee also looked at the annual statement of accounts, training plans, and conflicts of interest policies. Representatives from KPMG, Barnett Waddingham, London CIV and Mercer were scheduled to present at the meeting.

Pooling Transition Plan

The committee was scheduled to discuss the pooling transition plan, to be presented by Jason Fletcher, Head of Pooling and Investments.

Government Consultation - Scheme Improvements

Claire Lewis-Smith, Pensions Administration Manager, was scheduled to present a report on the government consultation on scheme improvements, specifically regarding access and protections. The consultation, launched by the Ministry of Housing, Communities and Local Government (MHCLG) in October 2025, covered four key areas:

• The normal minimum pension age
• LGPS access for councillors and mayors in England
• Academies and Direction Orders
• New Fair Deal

The report included a draft response to the consultation, with the committee asked to comment.

The draft response indicated agreement with keeping the Normal Minimum Pension Age (NMPA) below 57 for members with a Protected Pension Age (PPA), and increasing it to 57 for those without, but expressed concern about potential legal challenges regarding category 2 members¹ transferring into the LGPS from another scheme where they have a PPA. The draft response also agreed with proposals to give mayors and councillors access to the scheme, and supported the two principles for developing regulations. It suggested that implementation after 1 April 2026 would be preferable, and requested clarification on aggregating former elected membership.

Regarding academies, the draft response agreed with establishing criteria in legislation, provided there was robust guidance and a procedure for disagreement. It suggested limiting fund selection for consolidation to the fund where the Multi-Academy Trust (MAT) has its registered head office, to deter contribution rate shopping . The draft response also agreed with removing the requirement for Secretary of State consent for standard direction order applications, provided there were defined value-for-money assessments and arbitration procedures.

On the New Fair Deal, the draft response agreed with removing the option to offer broadly comparable schemes, except in exceptional circumstances, and with the proposals on deemed employer status and the definition of a Fair Deal employer and protected transferee. It suggested a mechanism for revisiting agreements and disagreed with the dual payment approach for employer contributions, suggesting either the Fair Deal employer or the relevant contractor pays the total contributions due.

McCloud Update

Claire Lewis-Smith, Pensions Administration Manager, was also scheduled to present an update on the McCloud remedy. The update included figures on the number of eligible members in scope for the remedy, and the progress made in reviewing and verifying member records. As of 14 November 2025, 2,259 of 10,996 identified members had been reviewed, with 1,579 fully verified and 343 manually updated. The report noted that 248 member records had queries outstanding with employers.

The report stated that in order to achieve full reconciliation of McCloud data by 31 March 2026, the pension officer resource had been increased.

Statement of Accounts and Audit Findings Report 2024/25

The committee was scheduled to note the External Audit Findings Report for the Buckinghamshire Pension Fund 2024-25 Audited Statement of Accounts, and the Statement of Accounts themselves, and to endorse management's proposed treatment of areas identified by the auditor.

The 2024-25 Pension Fund Statement of Accounts was approved by the Audit & Governance Committee in November. KPMG anticipated issuing an unmodified audit opinion[^1].

The Statement of Accounts showed that the value of the Buckinghamshire Pension Fund increased by £150m to £4.311bn in the year to 31 March 2025.

The Audit Findings Report identified an issue with journal approvals, recommending system-based approval workflows and defined thresholds and roles. It also noted an issue with Pension Fund Committee members' declarations of interest, recommending that declarations be retained for a reasonable period. Management accepted both findings.

Carbon Metrics Report

James Gilliland, Pensions and Investments Accountant, was scheduled to present the carbon metrics for the Buckinghamshire Pension Fund for the period ending 31 March 2025.

According to the report pack, Brunel analysed the Buckinghamshire Pension Fund's carbon footprint as at 31 March 2025. The Weighted Average Carbon Intensity (WACI) in March 2025 was 32% below the benchmark of 188 tCO2e/mGBP. The reduction in the Buckinghamshire Pension Fund's WACI since 2019 represented good progress towards achieving a 50% reduction in emissions by 2030.

The report also included data on absolute carbon dioxide emissions, analysed by scope, and carbon-to-value intensity.

Training Plan & Knowledge Assessment responses

James Gilliland, Pensions and Investments Accountant, was also scheduled to present a report on the training plan and knowledge assessment responses.

Following approval of the Training Policy in June, officers sought to draw up a training plan. Barnett Waddingham undertook an assessment to discern members' (and officers') training needs. The results of this assessment would allow the training opportunities to be tailored to members' needs.

The assessment consisted of a 40-question Knowledge Assessment and a Knowledge Gap Analysis to establish training needs for new committee members.

Three out of nine Pension Fund Committee members completed the Knowledge Assessment, with 79% of responses correct. Five out of nine Pension Fund Committee members completed the Knowledge Gap Analysis. The results indicated that while the committee's existing knowledge had areas of strength, there were clear areas where knowledge and skills could be improved, particularly in governance and investments.

The report pack included an interim training plan with training sessions scheduled prior to each committee meeting.

Conflicts of Interest Policy

Alison Murray from Barnett Waddingham, and Claire Lewis-Smith, Pensions Administration Manager, were scheduled to present the Conflicts of Interest Policy for approval.

The policy sets out how conflicts of interest will be identified, monitored, and managed in the governance and administration of the Buckinghamshire Pension Fund. It applies to all individuals involved in fund management, including Pension Fund Committee and Board members, fund officers, and external advisers and suppliers.

The policy outlines key principles such as legal and fiduciary duties, the Nolan Principles² and Codes of Conduct, and the legislative and regulatory framework. It also provides examples of where conflicts may arise, the risks if they are not managed, and the controls the fund will have in place.