The Leicestershire Local Government Pension Fund is holding its annual general meeting, where attendees will have the opportunity to review the fund's annual report and accounts, receive an update on the fund's valuation from Hymans Robertson, and appoint scheme member representatives to the Local Pension Committee and Local Pension Board.

Here is what the report pack says will be included for discussion.

Pension Fund Annual Report and Accounts 2024/25

The Leicestershire County Council Pension Fund's annual report and accounts for the financial year 2024/25 will be presented by the Director of Corporate Resources, Declan Keegan. The report pack states that the Local Pension Board and Local Pension Committee have already considered and fully supported the Pension Fund Annual Report and Accounts 2024/2025.

According to the report pack, Grant Thornton LLP, the external auditors for Leicestershire County Council and the Pension Fund, anticipate issuing an unmodified opinion, noting the fund's strong financial sustainability, appropriate governance arrangements, and effective performance management.

The Pension Fund Annual Report and Accounts 2024/2025 includes:

• An overview of the fund's management and governance.
• The fund's financial performance.
• Details of investments and funding.
• Information on scheme administration.

The annual report states that the Leicestershire County Council Pension Fund supports over 100,000 scheme members and 200 employers. The report pack states that the Fund is now worth over £6.6 billion, achieving a 4.8% investment return over the past year and continued strong performance over five years. It also notes that over half of assets are invested with LGPS Central, progressing towards full pooling by March 2026 as required under the government's 'Fit for the Future' plan¹. The report pack also states that the Fund met both interim carbon reduction targets and now holds over £1 billion in climate-aligned investments, and continues to work with its partners LGPS Central and the Local Authority Pension Fund Forum² to engage with companies as responsible investors.

Hymans Robertson Valuation Presentation

Representatives from Hymans Robertson LLP³, the fund's actuary, will give a presentation on the fund's valuation.

Local Pension Board Annual Report

The meeting will include a discussion of the Local Pension Board's annual report. The report pack states that the Local Pension Board Annual Report summarises the work carried out by the board between April 2024 and March 2025. The report pack states that the Local Pension Board assists the Administering Authority in:

securing compliance with the Regulations, other legislation relating to the governance and administration of the LGPS, and the requirements imposed by the Pension Regulator in relation to the LGPS; and ensuring the effective and efficient governance and administration of the LGPS.

Report of the Local Pension Committee Employee Representatives

The meeting will include a discussion of the report of the Local Pension Committee Employee Representatives. The report pack states that the employee representatives:

are satisfied that the Fund is currently being managed in a professional manner in the best interests of the Scheme members and beneficiaries.

Appointment of Scheme Member Representatives

The meeting will include the appointment of scheme member representatives to the Local Pension Committee and Local Pension Board. According to the agenda, there is a vacancy for a scheme member representative and a reserve scheme member representative on the Local Pension Committee. There is also a vacancy for a scheme member representative and a reserve scheme member representative on the Local Pension Board. If there is more than one nomination for each position, a ballot will be held during the meeting.