Here is a summary of the scheduled discussions for the Oxfordshire Council Pension Fund Committee meeting on 12 December 2025. The agenda included a review of the annual business plan, a risk register report, and updates on governance, communications, administration, and investment strategies. The committee was also scheduled to discuss corporate governance and socially responsible investment, as well as exempt items related to valuation updates, housing fund investments and Local Government Pension Scheme (LGPS) pooling reform.

Report of the Local Pension Board

The committee was asked to note the report from the Local Pension Board, summarising key issues discussed at their meeting on 17 October 2025, including the Investment Strategy Statement consultation. The report also flagged that Risk 20, regarding significant changes in liability profile or cash flow because of structural changes, should be reviewed in light of local government reorganisation. The Local Pension Board encouraged the committee to undertake LOLA training from Hymans Robertson¹.

Review of the Annual Business Plan 2025/26

The committee was scheduled to review progress against the key service priorities outlined in the Pension Fund's business plan for 2025/26. These priorities include improvements to governance, operational effectiveness, investment and funding services, and the use of technology. The committee was expected to discuss actions required to address areas not meeting objectives. The report noted that a technical consultation was launched by the Ministry of Housing, Communities and Local Government (MHCLG) on 20 November 2025, regarding the 'Fit for the Future' consultation, with a closing date of 2 January 2026. The consultation intends to strengthen governance arrangements at Administering Authorities, and includes requirements for LGPS administering authorities to prepare a governance strategy, a training strategy and a conflicts of interest policy. The report also noted that the attraction and retention of staff at Oxfordshire and within the LGPS sector remains an issue, and that a review was being undertaken with the support of Aon²:

a. Phase one – Independent pay benchmarking review to ensure that pay is competitive to attract and retain talent with appropriate skills to deliver our statutory function. b. Phase two – Fund structure review to ensure we have the appropriate level of resources to carry out and deliver our statutory objectives now and into the future.

The committee was also scheduled to discuss the challenges and progress of the McCloud project³, and the development of employer engagement and client relationship services.

Risk Register Report

The committee was expected to review the latest risk register and consider whether it adequately covered key risks and mitigation plans. The Local Pension Board had requested a review of Risk 20, regarding the potential impact of local government reorganisation on the Fund's liability profile. The report noted that Risk 4, 'Under performance of asset managers or asset classes', had its risk assessment rating increased from green to amber, due to difficulties faced by the Brunel pool in staff recruitment and retention, and the work required for a smooth transition to the new pool. Risk 19, 'Failure of Pooled Vehicle to meet local objectives' was noted as remaining a red rating, as there was not an existing portfolio at the new pool that meets the requirements the Committee set for an amended UK Equity portfolio.

Governance and Communications Report

The committee was asked to consider several governance and communication issues, including the renewal of terms of office for Local Pension Board representatives, compliance with the General Code of Practice, training updates, regulatory breaches, and communications. The committee was asked to agree the renewed terms of office for Alistair Bastin, Stephen Davis, and Matthew Trebilcock as members of the Local Pension Board. The report included an update on compliance with the Pension Regulator's General Code of Practice, with a plan to ensure full compliance by the end of March 2026. The committee was also scheduled to note the mandatory training requirements for pension fund committee members, with a reminder that training must be completed by 31 December 2025 for members who joined in May 2025. The report also noted the number of breaches of regulation in the last quarter, and the actions being taken to address these. Finally, the committee was scheduled to note the communications update, including the development of a new Fund website, user acceptance testing for the member portal, and the launch of the Oxfordshire Pension Fund LinkedIn page.

Administration Report

The committee was expected to discuss key administration issues, including service performance measurement, debt recovery, and write-offs. The report highlighted challenges faced by the administration team due to increased workload and resource constraints. The committee was asked to acknowledge these challenges and the actions being taken to address them. The committee was also asked to approve the administering authority discretions policy with no changes, and the changes made to the Fire Services Pension criteria in the scheme pays policy. The report noted that a breach had been reported to the Pension Regulator regarding Fire Scheme Active and Deferred benefit statements that were not issued by 31 August 2025. The report also provided an update on the Pension Dashboard project, and the McCloud project.

Report of the Independent Investment Advisor

The committee was scheduled to note the report from the Independent Investment Advisor, which would cover an overview of financial markets, the Fund's investment performance against the Investment Strategy Statement, and commentary on specific investment portfolios. The report included the quarterly investment performance monitoring report from Brunel Pension Partnership⁴.

Corporate Governance and Socially Responsible Investment

The committee was expected to discuss any issues concerning corporate governance and responsible investment. The report included information on managing human rights risks in Conflict Affected High Risk Areas (CAHRAs), delivering against the Climate Change policy, and engagement activity and proxy voting in support of the Local Authority Pension Fund Forum (LAPFF). The report noted that Brunel continues to assess portfolio exposure to the Occupied Palestinian Territories (OPT) using sources including the UN Human Rights Office database, and that a review in September identified 32 companies in its equity portfolios, or around 1.3% of the listed holdings. The report also noted that Brunel's holdings review found that in active strategies, exposure to companies providing arms to Israel was limited to two UK-listed companies, and that both companies had been sent an engagement letter. The report also noted that Brunel uses publicly available lists of banks that are being flagged as causing concern for enabling the occupation of the OPT, and continues to monitor these banks closely. The report also noted that for the 2025 cycle of Climate Maturity Alignment, 129 out of the 164 Climate Action 100+ companies failed the assessment, and that the 13 'Climate Controversial' companies will now enter a period of enhanced monitoring.

Funding Strategy and Investment Strategy Reviews Update

The committee was scheduled to note the progress with the reviews of the Funding Strategy Statement and Investment Strategy Statement. The Funding Strategy Statement had been issued for consultation to employers, closing on 19 December 2025. The Pension Fund had commissioned Apex to undertake a review of the Fund's investment strategy, with draft results expected by the end of December 2025. The report noted that the Ministry of Housing, Communities and Local Government had issued a consultation on its Fit For the Future reforms of the LGPS, and that the consultation includes a requirement to include a high-level objective on local investments, including a target range for those investments as a proportion of the total value of the pension fund.

Exempt Items

The committee was scheduled to discuss updates on the 2025 valuation, the Transitional Housing Fund Investment Report, and LGPS pooling reform in private session. The committee was expected to consider delegating authority to the Deputy Chief Executive and Executive Director of Resources to approve and authorise agreements related to joining LGPS Central and winding up the Brunel Pensions Partnership.