The Pensions Committee of Hertfordshire Council met on Wednesday 3 December 2025 to discuss the 2024/25 draft audit report, the pension fund risk register report, and the Hertfordshire Local Government Pension Scheme (LGPS) and Firefighters' Pension Scheme (FPS) Q2 2025/26 LPPA performance report. They also considered the investment strategy statement and responsible investment review.

Hertfordshire LGPS and FPS Q2 2025/26 LPPA performance report

The committee was scheduled to discuss the Hertfordshire LGPS and FPS Q2 2025/26 LPPA performance report. The report was presented by the Director of Finance and the Local Pensions Partnership Administration (LPPA).

Hertfordshire Pension Fund Investment Strategy Statement and Responsible Investment Review

The committee was scheduled to discuss the Hertfordshire Pension Fund Investment Strategy Statement and Responsible Investment Review. The report was presented by the Director of Finance and Mercer¹.

Pension Fund 2024/25 Draft Audit Report

The committee was scheduled to discuss the Pension Fund 2024/25 Draft Audit Report, presented by KPMG². The agenda also included an appendix, the HPF -FINAL. Another appendix was the Draft Hertfordshire Pension Fund Audit Plan FY 24 25.

Pension Fund Response to the 2024/25 Draft Audit Report

The committee was scheduled to discuss the Pension Fund Response to the 2024/25 Draft Audit Report. The report was presented by the Director of Finance.

Pension Fund Risk Register Report

The committee was scheduled to discuss the Pension Fund Risk Register Report, presented by the Director of Finance.

Employer Risk and Governance

The committee was scheduled to discuss employer risk and governance, in a report by the Director of Finance.

LGPS Consultations: Access and Fairness/Access and Protections

The committee was scheduled to discuss the LGPS Consultations: Access and Fairness/Access and Protections, in a report by the Director of Finance and Barnett Waddingham³.

Investment Performance Report as at 30 September 2025

The committee was scheduled to discuss the Investment Performance Report as at 30 September 2025. The report was presented by the Director of Finance and Mercer. This was also scheduled to be discussed in Part II of the meeting, which was closed to the public.

Other Business

The committee was scheduled to discuss any other Part I (public) business which, if Councillor Tim Williams, Deputy Executive Member for Resources and Performance; Chair of the Pensions Committee, agreed, was of sufficient urgency to warrant consideration prior to the next meeting of Pensions Committee.

Exclusion of Press and Public

The agenda stated that Councillor Tim Williams would move to exclude the press and public from the meeting for the discussion of the Part II agenda items. The reason given was that the items involved:

the likely disclosure of exempt information relating to the financial or business affairs of any particular person (including the Council), as defined in paragraph 3 of Part 1 of Schedule 12A to the said Act and the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Part II ('Closed') Agenda

In Part II of the meeting, which was closed to the public, the committee was scheduled to discuss the minutes of the previous meeting, the Investment Performance Report as at 30 September 2025, and the Pension Fund – Cost of Investment Management.